Byline Mortgage Deed Made Easy

E signature mortgage deed

so what is a difference between the mortgage the deed the note1 we're talking about property because these terms will come up when we're looking at an Alabama foreclosure well let's start at a very basic level the debt so that's the $200,000 that you have 30 years to pay at 5% interest that is the note okay so that's the money that you borrowed and you promised to pay back well is it an unsecured loan it's just like a giant credit card or a signature no it's secured well how is it secured its secured by the mortgage the mortgage is the document that ties that debt to the dirt in other words that makes sure that your house is the security so how do they know you're going to pay the debt the note well the mortgage says if you don't then they can take your property in a foreclosure so what is a deed well a deed is you might think of that as the ownership so if I sell you my house at all they'll be a d usually be called a warranty deed it says John wats at 1 2 3 Main Street is selling or transferring or conveying his property to you Joe or Cindy Smith okay so that's the D so what's a foreclosure deed well foreclosure deed is where my mortgage company forecloses on me and even though I don't want them to do this I gave them the power in that mortgage remember the mortgage ties the debt the note to the property so that mortgage says if I don't pay it and they meet all the requirements then they can't in essence sign my name on the foreclosure D so the foreclosure D would say on such a such day we foreclose and John Watts transferred or conveyed the property to whoever the high bidder was at the foreclosure cell so it's important to keep these terms in mine now look there's a lot more fancy and more complicated definitions but just think of this way the note what is that that's the debt that's the two hundred thousand for thirty years five percent interest what's the mortgage the mortgage ties that debt to the property so that if we don't pay the debt they can come get the property well what's the deed that's how we transfer ownership of the property so foreclosure deed for example is transferring ownership from the homeowner to the new person who has bought the property so I hope that this is helpful if you have questions about maybe you're facing a foreclosure or you're afraid you're gonna start falling behind and you just want to know what your options are what's the best way to to handle this give us a call two oh five eight seven nine two four four seven or you can reach us at Alabama consumer calm I do want to say this we only represent people in Alabama we get an incredible number of people contacting us from all over the country saying can you help me no we can only help you if you're in Alabama or if your property is in Alabama and so just keep that in mind we'd love to help everybody but that's where we're license and so that's where we practice so if you're in Alabama we'll be glad to help you at two oh five eight seven nine two four four seven or Alabama consumer calm thanks for watching this video hope it's helpful