Can a bank proceed with a foreclosure if they can not produce a note with the correct amounts for the mortgage and payments?
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Can a bank proceed with a foreclosure if they can not produce a note with the correct amounts for the mortgage and payments?
Asked on February 21, 2012 under Real Estate Law, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Different states in this country have different requirements for a lending institution to foreclose upon a property with respect to having to produce the original "wet inked" note and trust deed/mortgage or not. Some states require the original documents some allow certified copies of the recorded mortgage or trust deed.
The amount owed by the borrower needs to be correctly states in any notice of default. I suggest that you consult further with a real estate attorney about your situation and the requirements of your state as to the "wet inked" original mortgage or trust deed or not.
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