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Does the promissory note have to reference the mortgage? If not what are the consequences?

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margiedoee Joined: 31 Oct 2009 Posts: 1 1.27 Dollars($)	Posted: Sat Oct 31, 2009 7:24 pm    Post subject: Does the promissory note have to reference the mortgage? If Like 0 Dislike 0 I have a blanket loan on 2 houses. I have 2 mortgages, but only one note. The note only references one of the houses but the total price for both houses is contained in the note. Does the note have to reference both mortgages?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Sun Nov 01, 2009 2:09 pm    Post subject: Like 0 Dislike 0 most promissory notes don't necessarily mention a property address. however, if there is sufficient other documentation for this loan that reflects the blanket mortgage, i don't believe the lender is going to be in much jeopardy. a major benefit to the lender is that you had apparently agreed to have mortgages on two different properties as security for this loan. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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