Where is my mortgage note

According to the Consumer Finance Protection Bureau, mortgage notes include the amount you owe, the interest rate, the payment due dates, the length of time for repayment and where the payments are to be sent. The note also contains a section outlining any consequences, should the terms of the note be broken. You can go directly to the servicer.

Under the Federal Servicer Act , loan servicers are required to respond to qualified written requests regarding information related to the loan.

Alternately, you can check with the county recorder. Many documents are filed in public record, including mortgages, deeds and other land attachments. A borrower may be able to go directly to the county website and request this information. Selling a mortgage note is legal and can be done as long as the borrower is notified during the application for the loan.

Whether the seller is an institution or private entity, they are legally required to notify the borrower of the change. A mortgage note is usually sold to a buyer when the seller no longer wants to wait for the payments and needs a lump sum of cash immediately.

In this case, the current owner of the mortgage note would sell the note, relinquishing his or her claim to the obligations of the borrower. The only difference to the borrower is where and to whom they send their payments. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines. Click here to sign up for our newsletter to learn more about financial literacy, investing and important consumer financial news. If you're interested in selling your annuity or structured settlement payments, a representative will provide you with a free, no-obligation quote.

Our partners are committed to excellent customer service. They can help you navigate the legal process of selling. Your web browser is no longer supported by Microsoft. Update your browser for more security, speed and compatibility. If you are interested in learning more about buying or selling annuities, call us at Annuities View Subpages. What Is an Annuity?

Annuities Explained. Indexed Annuity. Buying an Annuity. The easiest option is to call the servicer and ask who holds or backs your loan. That's why you first need to figure out who your servicer is.

You can also send a qualified written request to your servicer asking who owns or guarantees the loan. Many loans are sold to these government-sponsored enterprises. You could look for an FHA case number on your mortgage contract. Sometimes, though, loans lose their FHA-insured status. You can also check your billing statement to see if you pay a mortgage insurance premium MIP. VA-guaranteed loans contain specific language in the note and mortgage that identify it as a VA loan.

Also, fees paid to the VA will be shown in the closing documents. But homeowners with privately serviced RHS-guaranteed loans might not know about their loan's status. To find out if you have an RHS-guaranteed loan, ask the servicer or check your closing documents from when you took out the loan.

Reasons Why You Might Need to Know the Identity of the Servicer, Holder, or Backer The following examples are just a few scenarios where you'll want to know who services, holds, or backs your mortgage. If you need general information about your loan account—like the monthly payment amount, the next due date, or late fee information—you'll have to call your servicer.

If you've fallen behind on your payments and want to negotiate an alternative to foreclosure , like a loan modification , short sale , or deed in lieu of foreclosure , you need to contact your servicer. If you're having trouble making your payments and want to apply for assistance under your state's Hardest Hit Fund program if one is still open , you should contact your servicer to ensure it participates in the program.

Different backers offer different loss mitigation options to borrowers. If you're a homeowner in foreclosure, you'll want to know the holder. A mortgage is a type of contract where a lender loans a specific amount of money to a borrower that is secured by real estate. The mortgage note is the document the borrower signs at the end of their home closing. It contains a mortgage note description and all of the terms of the agreement between the borrower and the lender and reflects all the terms of the mortgage.

Because the mortgage note states the amount of debt, the rate of interest and obligates the borrower personally for the repayment thereof, the borrower signs the mortgage note. Here is an article about a mortgage note and who signs it. So, what does a mortgage note look like? The best way to answer this question is to look at a mortgage note example. Because the mortgage note is a legal document that sets out all the terms of the mortgage between a borrower and lender, it includes terms such as:.

Because these are all essential parts of a mortgage note, the parties must make sure that all the information contained in the mortgage note description of the parties, the payment terms, and the interest rate is completely accurate. This ensures that both the borrower and the lender are protected. Here's an article on the parts of a mortgage note. Because both are part of the real estate buying process, it's often easy to confuse a mortgage note with a mortgage, also commonly referred to as a mortgage deed.

At their simplest, a mortgage note is a promise to pay back the loan whereas a mortgage is a document outlining the collateral that secures the loan. Another thing to keep in mind is that a mortgage deed should not be confused with a deed of trust. Although both are security instruments and intended to protect the lender when a borrower fails to repay their loan, the difference is that one involves two parties and the other involves three.

With a mortgage, there is just the lender and the borrower, while with a deed of trust there is a lender, a borrower, and a trustee who holds the property's title until the loan is paid off. The trustee is typically a title company, bank, or escrow company.

Also, with a mortgage, the grantor of a mortgage may still be liable for the mortgage even after a property has been transferred through the execution of a quitclaim. Here is an article outlining the difference between mortgage notes and mortgages. Image via Pexels by Curtis Adams. Buyers need to be aware of the fact that the seller or the holder of a mortgage note can sell the mortgage note without the consent of the buyer.

For mortgage and real estate investors, mortgage note investing through brokerages or as part of larger mortgage bundles can be quite a profitable investment opportunity. And it makes sense for holders to sell their mortgage notes because of the financial risks that it carries. This, effectively, also eliminates any risk of non-payment. An additional benefit is that the seller no longer has to collect payments from the lender or manage the mortgage day by day.

It's important to keep in mind that this will only be the case when the mortgage note is sold in full. When only sold partially, the seller will receive a smaller lump sum payment but also regular monthly payments thereafter. This, unfortunately, leaves the seller with some risk and management of the loan. In respect of the borrower, there's not much difference when the holder of the mortgage note sells it.

The details and terms will stay the same and the only thing to change will be the recipient of the monthly mortgage payments. While mortgage companies are not required to record a mortgage note, they may have recorded both the mortgage deed the actual conveyance of a lien as well as the mortgage note which details the repayment and details of the loan. Check with your local registry of deeds and have it run a search for your property in its records. It might be able to give you a copy of your mortgage deed promissory note.

If you used a mortgage broker to complete your mortgage, she might have a copy of the original mortgage note on file, even if the brokerage is not servicing your loan. Contact your original loan officer at the brokerage to inquire. In addition, the broker could help you establish a relationship with your current mortgage servicer, particularly if your mortgage has been sold one or more times to different lenders.