Jeffrey B. Steiner and Scott A. Weinberg Lost Cause? Foreclosing in Reliance On a Lost Note Affidavit
When a lender purchases a loan originated by another lender, such purchasing lender will require the selling lender to deliver the original loan documents; but what happens if some of the original documents cannot be found?
November 17, 2020 at 12:18 PM
7 minute read
When a lender purchases a loan originated by another lender, such purchasing lender will require the selling lender to deliver the original loan documents; but what happens if some of the original documents cannot be found? If the original promissory note cannot be located by the seller, and such seller delivers only a lost note affidavit to the purchaser, the ultimate concern for the purchaser will be whether it will have standing enforce its rights and remedies against the borrower without ever having possessed the original note.
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