How To Release / End A Promissory Note

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• What Is The Difference Between a Promissory Note and Security Agreement

  In general, the promissory note is a written promise to repay the loan and a security agreement is used when collateral is given for the loan.

• What Are The 3 Steps / Phases to This Promissory Note Reconversion Process

  PHASE 1 : RESEARCH (15 DAYS) 1) We verify and research a members documents. If it’s determined that the note is not securitized or placed into a mortgage backed security, then we stop the process. PHASE 2: FILE (90 DAYS) 1) We will file assignments, ...

• Will The Promissory Note Reconversion Process Affect Our Current Loan

  The promissory note(s) will be taken off the market and therefore extinguished. In short, one will obtain a satisfaction of the note when the money is received. This reconversion process for old promissory notes will not affect current-standing ...

• What Law Gives Banks The Ability To Turn A Promissory Note Into Cash

  12 U.S. Code § 372 gives "lenders" the right to convert a promissory note into Federal Reserve Notes under the citation, "any Federal or State branch or agency of a foreign bank ... may accept drafts or bills of exchange drawn upon it". This law ...

• What Are The Costs For Reconverting A Promissory Note

  Prior Mortgage / Sale / Refinance / Foreclosure: We require 0% of note's face value as down payment, we will obtain our payment after the reconversion process is completed from the issued funds. For this scenario, because the home/property is not ...