Lost mortgage promissory note.

What happens in a foreclosre proceedure if the mortgage company have lost the original promissory note? What if it is never found? Can they still claim ownership of the property? The mortgage company are trying to re-establish the lost promissory note. How can you restablish something you don't have? What will happen to the home and how will the judge decide what to do with the property?

Longwood, FL -

Attorney Answers (3)

Marshall C Deason Jr.

Marshall C Deason Jr.

Real Estate Attorney - Tampa, FL
Answered

Mortgage lenders frequently have to deal with lost promissory notes. In foreclosure actions, they have to show the court that the borrower actually borrowed the money, that the note has not been negotiated, and that there is a chain of assignments recorded in the public records which make the lender the current owner of the mortgage. If they can do this, judges allow them to foreclose the mortgage. If you are unsure what defenses are available to you in your mortgage foreclosure action, you should consult a lawyer in your area who is experienced in foreclosure defense.

Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does... more
Margery Ellen Golant

Margery Ellen Golant

Foreclosure Attorney - Boca Raton, FL
Answered

I agree with Atty. Deason. There are ways that a claimant can satisfy the court that it is entitled to foreclose, and what the terms of the debt are, even if the original note is lost. Whether the plaintiff in your case can do so is impossible to say without much more information. However, rest assured that it will have a much easier time doing so if you are not representd by a knowledgable foreclosure defense litigation attorney. From your question it appears you do not have counsel. It would be strongly in your best interest for you to obtain solid representation right away.

Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-... more
Benjamin M Pinczewski

Benjamin M Pinczewski

Real Estate Attorney - Brooklyn, NY
Answered

Understand that this happens frequently and is not a complete defense. They can via evidence, affidavits and testimony establish through the standard operating procedure of the company that a promissory note was drawn up, that it was properly recorded and that it is in effect. You need a lawyer to help you through this process as often the lenders and the attorneys they retain have been known to massage the facts and evidence as NY Courts have recently pointed out.

Related Advice

Questions? An attorney can help.

Ask a Question
Free & anonymous.
Find a Lawyer
Free. No commitment.