In Foreclosure Bank Lost Note Does This Have Any Significance?
How can they do summary final judgement figures when no note.?
There is an affidavit stating so.
Does judge put a number on fees ? and can they still foreclose without it?
Also the sale date was postponed during this hearing The owner cannot afford the property so I don't see why the postponment ? 
The bank losing the note is a pretty common occurance. The note was recorded with the mortgage so there is still a record of it. Accordingly, the loss of the original note will have no bearing on the case. I know that is not the answer you wanted to hear, but that is the way it is.
I agree they would go with the recorded copy...
Well, when I researched the file at the court house there is no record of any note but affidavit stating the note is lost .
so if I would buy the note how do I know the terms, interest rate, pymt etc.? Do they make it up according to the loan amount ?
Also If I buy this note , I want them to continue the foreclosure which would be the amount of the summary final judgemnt ...Right?[ Edited by LynLinz on Date 09/24/2003 ]
When the note is lost, the Trustee petitions the court for a replacement note. This delays and postpones the sale date since the sale is predicated on the note.
If you are interested in buying the note, contact the Trustee and ask that you be notified when the replacement note is obtained. Also, contact the legal department of Loss Mitigation and put in a request to purchase the note. I had a deal like that with Wells Fargo on a foreclosure.
Barbara
Thanks Barbara,
When I reviewed the file I did not see a Trustee noted anywhere
There is only an attorney for the plaintiff Owner can't afford representation
It is a foreclosure
But I will contact the bank but I was waiting until the next hearing so the additional fees would be on the summary final judgement and then ask to purchase the note
Do they record notes in Florida? Here in California we only record the Deed of Trust. So when the Trustee in Foreclosure loses the note I have to go forward to the lender for a copy. Then I have to have the copy accepted by the Trustee who will conduct the sale. I do this by trying to get all parties to agree that this is a true copy of the note. If not then I go Judicial and file an action re: lost instrument. I must then prove to the judge a true and proper copy and away we go. I have only done this once and half way thru I went to the Trustee a title Company and guess what we found the note where, where else in another file. I did a search of all files by Alphabet and it was in the next file to it. Love people, but lets face it they are flawed, big time.
Cheers, Lucius
Florida is a mortgage state no deed of trust so I gess that 's why I saw no trustee