Mortgage Versus Note

June 27th, 2005 by admin

florida real estate law- mortgage versus note?

I can find my mortgage recorded in the county that the property is located, but why can’t I find a recorded note? Is the note not required to be recorded?

The note is never recorded. It is held by the lender and is evidence of your legal obligation to pay the debt (the money you borrowed). Even if there was no mortgage you are still obligated to pay the note.

The mortgage is a lien on the real estate securing the note and, as it applies to the real estate, is recorded against it.

Contract for Deed vs Note and Mortgage