Posted on: 12th Mar, 2008 03:59 pm
I was just cleaning out my file cabinet and came across a letter from my lender 4 years ago. During the closing for my house they neglected to have me sign the Promissary Note for the mortgage. They letter stated that it would not change the terms of my loan, but I thought that was quite odd that they sent that to me after 5 months of closing on my loan. Can anyone tell me what that means. Does the bank have a legitimate claim on this property. Please let me know.
I can't believe the loan funded without a signature on that page. You probably also signed a document that states you agree to come in a resign if anything isn't correct. If you want to fight that you will just be losing money...their pockets are deeper than yours
Hi Sanlmac,
Welcome to the forums.
I'm surprised to know that the bank has offered you the loan without even asking you to sign on the promissory note. This is not done. At closing, all important papers of the loan are signed and these include the promissory note also. But the bank has already offered the loan, so now even if you say they should have no claim because the note isn't signed, I don't hink they'll leave you so easily. I feel the loan officer should have been more careful about this.
However, are you having any problems in making the payments and is the lender collecting them? I feel you should talk to them and inform them about the note asap.
Take Care
Welcome to the forums.
I'm surprised to know that the bank has offered you the loan without even asking you to sign on the promissory note. This is not done. At closing, all important papers of the loan are signed and these include the promissory note also. But the bank has already offered the loan, so now even if you say they should have no claim because the note isn't signed, I don't hink they'll leave you so easily. I feel the loan officer should have been more careful about this.
However, are you having any problems in making the payments and is the lender collecting them? I feel you should talk to them and inform them about the note asap.
Take Care
this is not an atypical situation. in packaging files, many times a document is "lost" or misfiled and cannot be found. as "guest" above noted, at closing, you would have signed a document at closing that stipulated you will come back to sign anything that might have been left out. that includes this promisory note you mention.
signing a new note as a replacement is not going to obligate you any further than you already are.
does the bank have a claim? of course it does. you signed a variety of documents at your closing that verify that claim.
by all means, arrange to sign the new note and get it over with.
signing a new note as a replacement is not going to obligate you any further than you already are.
does the bank have a claim? of course it does. you signed a variety of documents at your closing that verify that claim.
by all means, arrange to sign the new note and get it over with.
