Can a bank proceed with foreclose if they cannot produce the original bank note?
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Can a bank proceed with foreclose if they cannot produce the original bank note?
What if they produce a copy but it is not the correct mortgage amount?
Asked on February 21, 2012 under Real Estate Law, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Different states have different requirements with respect to requirements of whether the foreclosing lending institution is required to produce the "wet inked" promissory note and trust deed to have an effective and valid foreclosure of real property. Some require the "wet inked" documents. Some allow certified copies of the trust deed or mortgage.
I recommend that you consult with a real estate attorney in your state regarding your question for a more specific answer. Having an incorrect mortgage amount in a copy of the document also creates a problem. You need to remember that the mortgage gets paid down over time and that the amount owed could be very different that what is on the initial note.
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