A mortgage note is the document that states your name, the lenders name, property address, amount borrowed, interest rate, repayment terms, and any other provisions that your mortgage may contain.A formal definition would be; a written agreement containing a promise of the signer, to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand.
The Mortgage Note is recorded at the County Clerk's Office. It is available to the public to see.
In essence, the mortgage note is the contract between you and the lender for your loan. It is your promise to pay the obligation. In Trust Deed states, the note itself is not attached to the property. It is the recorded Trust Deed which secures the note to the real property.
Mortgage notes held by private individuals are often sold. Usually these are second mortgages.
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