The phrase "a mortgage note" is correct and usable in written English.
You can use it when referring to a legal document that outlines the terms of a loan secured by real property.
Example: "Before finalizing the sale, the buyer must sign a mortgage note to secure financing for the property."
Alternatives: "loan agreement" or "debt instrument."
Deutsche has asserted its right to Ms. Robison's house under a document that is meant to assign ownership of a mortgage note, known as an allonge.
Because most foreclosures proceed without challenges from borrowers, few judges have forced trustees like Deutsche Bank and Bank of New York to prove ownership by producing a mortgage note in each case.
Lawyers who represent troubled borrowers complain that trustees overseeing home loan pools often do not produce proof, usually in the form of a mortgage note, that their investors own a foreclosed property.
In a mortgage note to Ms. Battista dated August 2003, he declared that the $250,000 would be paid back in 30 days and would be secured by a residence in Valhalla, N.Y., that he and his brother owned jointly, the report said.
He scared up $64 million from 525 of them in the form of a mortgage note paying 12% annually.
"The terms of a standard mortgage note require a regular monthly payment until the loan is paid in full no matter how much has been paid in advance against principal," Mr. Ben-Ami said.
But just before the election in November 2003, Joseph Alessandro drafted a new mortgage note giving him 15 years to repay Ms. Battista's loan.
In a handwritten mortgage note to Ms. Battista that was dated August 2003, and signed by both brothers, Justice Alessandro declared that the $250,000 would be paid back in 30 days and would be secured by a residence in Valhalla, N.Y., that the brothers owned jointly, the decision said.
My diffident dining companion had more present hesitations, including, "What if interest rates drop further?" As someone who signed a 14% mortgage note in the past, I'm no percentage prophet.
When a loan goes into a securitization, the mortgage note is not sent to the trust.
Sequeira hoped a loan modification might save him, but there was a glitch: Even though he was listed on the title, only his wife was on the mortgage note — a setup Sequeira said a Countrywide Financial employee suggested given her superior credit.
