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Countersign promissory note

- Hey everybody. My name is Paul Vojchehoske and welcome to the Real Estate Classroom, YouTube channel. So in today's video, we're gonna discuss the promissory note and the mortgage. In my next video, we're gonna discuss the deed of trust, all right? It just seems like the promissory note, the mortgage and the deed of trust is very difficult for students to understand these concepts. So I wanna make sure that I do a good job on this video, but, the promissory note and the mortgage is where we're gonna start, and I'm gonna give you everything that you need to know, in this video. (bright upbeat music) Okay, so in this video, we're gonna discuss two legal, separate distinct instruments called the promissory note and the mortgage and as I said in my opener, in the next video, I'm gonna discuss the deed of trust or sometimes called the trust deed. It is a concept, all three of these instruments, people just seem, students just seem to have a hard time comprehending how it all works. But we're gonna do our best in this video to conceptualize it. So, the way I like to approach this before we actually get into anything here is to, because most of us have purchased vehicles and most of us have borrowed the money from the bank for the vehicle and so we understand that process and by understanding that process, it helps us to conceptualize this process that we're gonna discuss in the video. So think about this, when you borrowed money from the bank to purchase a car. The first thing that you did is qualified, so, you had to make application, they did a credit check and all of that, that's the same if you're buying a house and then if you were approved, eventually you had to sign all these loan documents. Well, actually what you were signing was called a promissory note. And that promissory note did a lot of things. And we're gonna talk about specifically the promissory note but, you were signing the promissory note, it said that it's a, you know, 48 month loan, a 60 month loan is 72 month loan, and the loan is the rate, the interest rate's 4.5 percent, and if, you know, then there's late payments if you're late on or late fees, if you're late on the payments et cetera. However, what did the bank also want? In addition to those loan documents called the promissory note that you signed, what did they insist on having? And that is the title to the vehicle because the title to the vehicle is the collateral for that promissory note. So if you stop making your payments, because the bank is holding onto the title to the vehicle, that gives them the right to repossess the vehicle, understand this and most people don't understand that if the bank did not have physical possession of that title, you sign the promissory note, they gave you the money, but you failed to deliver that title to the bank. They actually did not have the legal authority to repossess the vehicle, if you stop making your hou-- or your car payments, it's the same way with the promissory note in the mortgage. So instead of the title to the vehicle, the bank in the case of a home loan wants the mortgage. And we have to understand these two distinct, separate, individual legal documents. So, let's define both of them. The first one is the promissory note. The promissory note is a loan document whereby the borrower also known as the mortgagor, promises simply to repay a debt over a specified period of time at a certain interest rate. Now, promissory notes can be secured or unsecured in the case of borrowing money for the vehicle and the bank asking for the title to the vehicle, that's what we called a secured note. If you've got a signature loan where you just went down to the bank and borrowed a couple thousand bucks, in fact overdraft accounts for your checking account is considered an unsecured promissory note because there's nothing that can the bank can repossess, in the case of a default of payments. Now, a mortgage is an instrument, it's a legal document that pledges or gives the actual real property as security or collateral for the loan, in case the borrower defaults. It is like the title to the vehicle if you will, all right? The mortgage is the collateral for the promissory note that the borrower is gonna sign. All right, in today's video, we've already started, but just some key terms, key real estate terms that we are gonna hone in on, and I've already talked about a couple of them already, promissory note, a mortgage, the mortgagor, the mortgagee we're gonna discuss the pledge more in details, and then there's a concept called hypothecation. We need to know about defeasance clause, an alienation clause, an acceleration clause, assignment of rents and a satisfaction piece. Now, some of this we've also discussed in previous videos as well but, these are really key terms that we have to know when we're discussing the promissory note, the mortgage and a deed of trust. All right, let's start with the promissory note first, understand as we said before, a promissory note can be secured or unsecured, and it's basically a document that provides evidence of a loan, and it's evidence of a loan between the mortgagor who's the borrower and the mortgagee who's the lender, and it's just considered a basic loan document. Now, there is some important language that's typically included in this promissory note. Number one, it'll, typically state the amount that's borrowed, it'll state the interest rate at which the bank is loaning you the money, it'll have a place for the time placed and the amount of the monthly payments to be paid. It'll discuss whether or not there's a prepayment penalty involved or not, and if there is, what are the terms of that prepayment penalty, and then it usually builds in a lot of consequences, if the borrower defaults such as late fees and the lender's right to call the note due those types of things. And then typically it will also state if it's a secured or unsecured promissory note. So maybe it'll identify the collateral, like the title to the vehicle or the mortgage to the house, right? That's a promissory note, pretty simple. The next thing I wanna talk about is the mortgage. This is kind of what confuses everybody. And remember the mortgage and the promissory note go hand in hand here. So the mortgage is an additional instrument, it's a legal instrument that actually pledges the property as security or collateral for the debt that's identified in the promissory note, all right? Now, some states use the mortgage process and some States use what we call the deed of trust. And there are some distinct differences between the two, for example, Iowa, the state of Iowa is a mortgage state. So if you were an Iowa and you were buying a house, you would sign the promissory note, but you would also then use a mortgage, you would sign a mortgage over to the bank, and that mortgage is like the title to the car, that is the collateral in case you default on the promissory note or default on making your payments, that mortgage then gives the authority to the bank to go and foreclose on the property, all right? Number two, the mortgagor, who is the mortgagor? That is the borrower, understand in mortgage states, the mortgagor, the borrower retains legal title to the property and the mortgagee who's, the lender simply has a lien against the property, just like your vehicle. When you buy a vehicle and you hand over the title, you still own the vehicle, but the bank has a lien against that vehicle in case you default. Now, there is a key term you have to know it's called hypothecation and I have it on your screen here. This is the legal doctrine and it allows the borrower to, pledge that real property as collateral but, they don't have to give up the legal right to possess and use it just like a vehicle, all right? Just like a vehicle. Now, the mortgage is a two-party relationship, and the two parties involved in that relationship is the mortgagor and the mortgagee, the borrower and the lender. Why that's important is because when we talk about the deed of trust you're gonna discover that there are three parties involved all right? And then the mortgage is a specific lien and it's a voluntary lien. We discuss those two concepts in different videos, but it's specific to the lien is specific to the property, that's being pledged as collateral, and it's also being voluntarily, the lien is given voluntarily to the lender. All right, so remember the mortgage is a document that the mortgagor gives to the mortgagee, so it's a document that the borrower gives the lender, that number one, pledges the property as collateral for the loan or the promissory note, and it's voluntary and it creates the lien against the property in case the borrower defaults, the lender can foreclose. I know, I feel like I'm killing a dead horse here, but I really like to be repetitive here, so that, so as a student, you can understand, I kinda teach this part, like kindergarten. Number five, elements of a mortgage, meaning what are those? What's the language that's common in a mortgage, in that instrument called the mortgage. Some of this we've already talked about in a previous video, but we're gonna cover it again. Number one, it's gonna have, what's called the defeasance clause, this defeasance clause says that the mortgage, remember the mortgage is the pledged property, that places the lien against the property. It is defeated when the promissory note is paid in full and the terms of the mortgage have been completed. So when you pay off the loan in accordance with the promissory note, then it basically says the lender then has no, it defeats the lender's position in the property. It's a legal technical way of saying that the lender has no more interest in the property, defeasance clause. Another clause is called the alienation clause or sometimes called a due-on-sale clause, two key terms I guarantee is gonna be on your real estate exam. It just simply says that tells the mortgagor, the borrower that if you sell the property, then the first debt that is paid is the mortgage, okay? The acceleration clause, this permits the mortgagee now, who's the mortgagee? The mortgagee is the lender. Two e's in lender two e's and mortgagee, it permits the mortgagee to call the entire some due and payable now, upon default of payments. And then another common clause that you're gonna see is what's called assignments of the rent or assignment of rents. This was really popular, this really came to light in the mortgage crisis of 2008, 9, 10, 11, where all these investment properties, the mo--, the landlord was going bankrupt and what the banks were doing because of the assignment of rent, the banks were going directly to the tenants and saying, you're gonna pay your monthly rent directly to us, not the landlord and what gives them the legal authority to do that? It's the assignment of rents clause, that's put into the mortgage. Couple other things I need you to know about a mortgage. Number one, when that mortgage is paid in full, or that promissory note is paid in full, and the borrower has adhered to the, all the terms of the, the mortgage. What's the proof that it's been paid off? So think about the car loan. So you give the title to the bank because that's collateral in case of default. But, when you pay off the promissory note, when you fulfill the terms of the promissory note, you've made your last payment, what happens? Well the bank sends you the title back, and it'll say, lien removed on the title, it removes the lien, right? That is the evidence that the promissory note was paid in full or the loan was paid at full. Well what the bank or the lendor, I'm sorry the lender, which is the mortgagee would what they're gonna send you once you've completed the terms of that promissory note, they're gonna send you what's called a satisfaction piece or sometimes called a mortgage release, and that is the evidence that you paid this loan off in full. And then the last thing is we keep talking about default, what happens if the borrower defaults on payments? Well, you really need to know that if it's, if for example, you're in the state of Iowa, that's a mortgage state, then the foreclosure has to be a judicial foreclosure. If, in our next video, when we talk about the deed of trust and those states that use the deed of trust, that is a non-judicial foreclosure two terms that you have to know. Basically just means that, in the state Iowa, for example, if you have a mortgage and it's foreclosed upon, it has to go to court, and actually the foreclosure process has play out in front of a judge. That's simply what it means so. All right, if you're gonna continue study, and I highly recommend that you click the deed of trust video to my right here, because the deed of trust and the mortgage and promissory note kind of go hand in hand. And if you have not subscribed to our channel yet, I would really appreciate you doing that. Click the little circle to my left and like always, if you have a question or you'd like to leave a comment, put it down below in the comments section. Cause we love comments and questions. I'll see you in tomorrow's video.

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How do you make this information that was not in a digital format a computer-readable document for the user? " "So the question is not only how can you get to an individual from an individual, but how can you get to an individual with a group of individuals. How do you get from one location and say let's go to this location and say let's go to that location. How do you get from, you know, some of the more traditional forms of information that you are used to seeing in a document or other forms. The ability to do that in a digital medium has been a huge challenge. I think we've done it, but there's some work that we have to do on the security side of that. And of course, there's the question of how do you protect it from being read by people that you're not intending to be able to actually read it? " When asked to describe what he means by a "user-centric" approach to security, Bensley responds that "you're still in a situation where you are still talking about a lot of the security that is done by individuals, but we've done a very good job of making it a user-centric process. You're not going to be able to create a document or something on your own that you can give to an individual. You can't just open and copy over and then give it to somebody else. You still have to do the work of the document being created in the first place and the work of the document being delivered in a secure manner."

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I am aware of the court's rules on electronic signatures and it seems that the answer, for the current time, is the same as it is for the private party in the case. If you have any insight or comments on this please don't hesitate to contact: David R. Littman Box 688 Tucson, AZ 85712 Phone: 520-548-9000 e-mail: djlittman@ This article was originally published in the Spring 2011 issue of More From