What is the importance of producing the promissory note?
The promissory note is the document a homeowner signed in escrow when the property was purchased. Technically, this document with the original signatures is the proof that the homeowner owes the lender payments for the mortgage. The promissory note is what is called a “bearer” instrument, meaning the entity that hold the note is the only entity that has the right to foreclose on the property. To put it in very basic, simple terms: if a lender cannot produce that original, wet ink promissory note, the lender cannot foreclose on the homeowner.
