Discounting Promissory Notes - What Causes the Discount?
When a mortgage company begins foreclosing on a property, most homeowners just assume that the bank really owns their loan and is able to prove it and take their home away. But this is not always the case, as banks assign and sell loans all the time without proper documentation, giving borrowers another defense to foreclosure.
Mortgage Promissory Note, Allonge, And Mortgage Foreclosure Help
When you have a promissory note, you can use the help of a court order to attach the assets of the person, who issued to promissory note, in order to collect your dues. Usually this step is taken when the debtor refuses to repay his or her dues on the note. However, what recourse does the creditor have if the debtor declares bankruptcy?When a debtor files for bankruptcy, the only recourse the creditor will have is to opt for legal action.
Why it is Important to Find Out Who Owns Your Mortgage
A mortgage promissory note is a promise to pay. If you don't pay, then your home or commercial property could go into foreclosure where the Lender, bank servicer, trustee, or investor can use questionable tactics to get your property. There is a mortgage that goes along with the note, a contract in real estate.