Legal Question in Real Estate Law in Pennsylvania

Re: Mortgage Note

You asked about a mortgage note.

This is one instance where you will absolutely need to find your copy of the note. You may have a hard time proving your claims if you can't find the original or a copy.

The actual note itself would not have been filed in the public record. Only the fact of its existence. The attorney that drafted the note may have a copy as may other people involved in the transaction. Don't draw too much attention looking for the note or it will become obvious that you don't have a copy.

Hire an attorney to help you with this matter.

Regards,

Roger

Re: Mortgage Note

The note often referred to as a promissory note is what obligates the buyer to pay you. The mortgage shows the claim you have on the property should the terms of the promissory note not be followed.

As the note is a contract and can Not be performed in a year it must be in writing. Further to enforce against one of the parties to the contract the party to be sued must have signed the contract.

Given its importance you need to have a copy. Not having a copy of the note could really work to your disadvantage. Its also best that the buyer not know that you don't have it.

Now if the other party has been paying based on the terms of the note. You could argue that the contract is enforceable by conduct. Though that's a stretch.

The carrot for the buyer to pay interest is that it is tax deductible. So when he want to know how much interest he paid you can refer him to the Note. He might just find his.

If you have any questions feel free to contact me. The initial consultation is free.

{John}