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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (287551)	10/28/2010 4:38:15 PM
From: Travis_Bickle	Read Replies (1) \| Respond to of 306849

I think the Lost Note problem is probably much less common than the Lost Assignment problem because you have to be a really big ****up to lose the note. Promissory notes are not recorded so the note itself is the evidence of the debt, as opposed to a certified copy of the recorded document in the case of the mortgage. My understanding is that in most of the problem cases the difficulty is not proving the debt exists (producing the note) but showing the chain of title to the current owner of the note (the assignments).