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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] All I've got to say is .... Posted by Ward-CA- on March 07, 2002 at 6:18 AM In Reply to: Junior bene lost original promissory note... posted by Alfred, Trainee on March 06, 2002 at 4:11 AM : Ward, : Have a junior bene who wants to sell his note to me but he can't find his prom note. I know per your manual that one gets a notarized statement from bene to that effect. But, to at least have the specific details about the note, shouldn't one ask the trustor to either... : 1) get a copy of the note from the escrow company that handled the house sale? : 2) if that fails, bene can request a copy from the trustor? : Also, what I noticed in trying to sell my note is that all prospective note buyers want the original prom note. It seems to me that not having it could kill any sale possibilities that I would have if the trustor went Chap 13 and I wanted to sell the note. In other words I may get stuck with a note that I definitely do not want to keep. Keeping that in mind, and with the idea of minimizing risk... although painful, I'm thinking maybe I should just pass on deals where the original note is missing. What do you say to that? =•=•=•=•=•=•=•=•=•=•= Alfred, 1. Yes, as you know that is the easiest source of a copy of a lost promissory note. You find the particular escrow company by tracing the notary who notarized the recorded trust deed or mortgage by inquiring, where the notary is working, at the state’s notary board. 2. You might be lucky sometimes with a cooperative debtor giving you a copy of the note. But if they have nothing to gain from such cooperation they might feign it’s unavailable and turn you down. I’m quite aware that regular note buyers want the original note when they’re buying. And I love that because it allows me to buy debt, where the original notes can’t be found, very cheaply since hardly anyone else wants them. My motivation is generally different than yours in that I intend to hold the note for the final payoff, which is usually quite imminent. So I don’t really care if I can’t easily resell the note to another note buyer. And that’s all I’ve go to say to that. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : Have a junior bene who wants to sell his note to me but he can't find his prom note. I know per your manual that one gets a notarized statement from bene to that effect. But, to at least have the specific details about the note, shouldn't one ask the trustor to either... : : 1) get a copy of the note from the escrow company that handled the house sale? : : 2) if that fails, bene can request a copy from the trustor? : : Also, what I noticed in trying to sell my note is that all prospective note buyers want the original prom note. It seems to me that not having it could kill any sale possibilities that I would have if the trustor went Chap 13 and I wanted to sell the note. In other words I may get stuck with a note that I definitely do not want to keep. Keeping that in mind, and with the idea of minimizing risk... although painful, I'm thinking maybe I should just pass on deals where the original note is missing. What do you say to that? : =•=•=•=•=•=•=•=•=•=•= : Alfred, : 1. Yes, as you know that is the easiest source of a copy of a lost promissory note. You find the particular escrow company by tracing the notary who notarized the recorded trust deed or mortgage by inquiring, where the notary is working, at the state’s notary board. : 2. You might be lucky sometimes with a cooperative debtor giving you a copy of the note. But if they have nothing to gain from such cooperation they might feign it’s unavailable and turn you down. : I’m quite aware that regular note buyers want the original note when they’re buying. And I love that because it allows me to buy debt, where the original notes can’t be found, very cheaply since hardly anyone else wants them. My motivation is generally different than yours in that I intend to hold the note for the final payoff, which is usually quite imminent. So I don’t really care if I can’t easily resell the note to another note buyer. : And that’s all I’ve go to say to that. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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