Posted by kynotary on 2/12/06 4:11pm
Msg #96527

The Security Document!

Question: Which one is considered to be the security document, the Note or the Mortgage/Deed?

Reply by Becca_FL on 2/12/06 4:36pm
Msg #96531

The Mortgage and/or Deed of Trust secures the Note.

Reply by kynotary on 2/12/06 4:59pm
Msg #96532

Thank you so much Becca, I always get that confused as to which one is actually the security insturment.

Reply by Bob_Chicago on 2/12/06 5:56pm
Msg #96542

Becca is correct, and not a shot, but read the dox.....

The standard FreedieMac/FannieMae note has a paragraph at the end that defines the
mtg/dot as securing the note and is defined as the "security instrument"
The standard FreddoeMac/FannieMae Mortgage has a Paragraaph just before e the legal
description reference (Page 3 on the Illinois form) which defines that instrument as
the "security Instrument"
You are not suppoosed to go into a lot of detail to expliain the dox to the bwr so
as not to get into UPL, but if YOU are familiar w/ the dox, it will be a lot easier to answer
basic ? and save yourself a lot of time at siginings/
It is expecially important to become familiar w/ the HUD. You should not tell them why they are being "charged so much" but you can answer typical ? such as :
"My last statement says I owe $x, why is this more?
"what is 'aggregate adjustment'"?
"what is prepaid interest from 2-16-06 tp 3-01-06?" etc
You can save a lot of time at signings by being familiar w/ the dox
in lieu of spending a lot of time on the phone to reach the L/O hearing
"your call is very important to us"

Reply by LynnNC on 2/12/06 6:57pm
Msg #96554

The Note is the basic contract between the Borrower and Lender; the DOT/Mortgage secures the note, and is the security instrument.