Posted by Pat/Ore on 11/17/07 9:13am
Msg #221795

2nd Note

In the package for signing I had a second Note and the borrower did not want to sign, which I do not blame him. And, of course, could not get ahold of the LO or the signing agent. My question is I have seen a second note in the package marked ""certified second copy" Can I mark the 2nd note as "certified second copy" or do I need to get approval first?

Reply by BrendaTx on 11/17/07 9:29am
Msg #221798

If they wanted it signed, it should have been signed. I'd tell the borrower that it was the requirement. There's nothing evil about a second note which is deemed a certified true copy.

Reply by BrendaTx on 11/17/07 9:31am
Msg #221799

Re: 2nd Note-oops

I just saw you were asking about a note which was a second copy but not marked as such. I wouldn't mark anything on a document. Still, if they want a second copy of the note, even if it isn't marked as such, it would still be a lender requirement and one that the borrower will have to decide if they want to sign and get the loan or not.

A wise borrower once said, "If I want the loan I have to sign these documents, so let me get started."

Reply by Becca_FL on 11/17/07 10:40am
Msg #221803

Re: 2nd Note-oops

Personally, I would never sign a second note. I know there are some TC that 'require' it, but, I would never do it. Some lenders even have verbiage on the note instructing the borrower to only sign one note. In light of what is going on in some courts right now, I think this is an important conversation.

http://www.nytimes.com/2007/11/15/business/15lend.html

http://iamfacingforeclosure.com/blog...res-dismissed/

Reply by MikeC/NY on 11/17/07 3:53pm
Msg #221835

Re: 2nd Note-oops

I don't think any of that applies - the reason for those foreclosures being denied by the courts is that the banks weren't able to prove they actually owned the notes. That had more to do with the way the mortgages were packaged before being sold into the secondary market (I think the Times article goes into that in more detail).

Signing a second copy of a note doesn't create two notes - it creates a second copy of the original note. What the courts seem to be saying is that even if a bank has a copy of the note in their possession, they still have to prove that it was assigned to them before being able to foreclose.

Reply by MikeC/NY on 11/17/07 1:28pm
Msg #221814

I had a number of signings for a law firm that wanted 4 signed copies of everything, including the mortgage and the note. Since the loan number or file number is always on the document, it was never a problem - there can only be one note for that loan number, so the others are clearly copies. It's not like they're going to figure out a way to make you pay off the same note 4 times...

I don't think you should add anything to the note without permission, and especially not anything that suggests you're certifying it to be a copy of the original (unless your state allows you to do that).

Reply by Gerry_VT on 11/17/07 5:14pm
Msg #221842

When I got a mortgage for myself, I signed one and only one note. When I finished paying off the mortgage, the credit union returned the very same pieces of paper that I had signed, stamped "PAID". I could feel assured that they coudn't come back to me for more money, through some bureaucratic screwup, because I had the only proof that I owed them money in my hands.

The burden is on the lender to make me equally comfortable about any other arrangement, such as signing two notes. If they can't convince me 100%, they can go to hell.