Mortgage Note Law and Legal Definition
Mortgage note is a legal document that offers a mortgage as proof of a debt and describes the terms under which the mortgage is to be repaid. It is a written promise which obligates a borrower to repay a loan at a stated interest rate during a specified period and secures the mortgage agreement in the public records along with the deed. The borrowers may require producing the mortgage note as evidence to the true owners of the debt during foreclosure proceedings. The most common mortgage note purchase is called a partial purchase. A partial purchase is when a buyer offers to purchase only a certain number of the remaining payments on the mortgage, instead of the entire note. After the certain number of purchased payments is made by the borrower to the temporary note holder, the payments are returned to the original note holder.
Legal Definition list
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