This affidavit is for execution when an original promissory note has been lost. The form provides a description of the contents contained in the original note and the balance due on the note at the time the note was lost. The form must also be signed in the presence of a notary public.
Virginia Affidavit of Lost Promissory Note
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How to fill out Affidavit Of Lost Promissory Note?
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Even if a promissory note is lost, the legal obligation to repay the loan remains. The lender has a right to re-establish the note legally as long as it has not sold or transferred the note to another party.
A lost note affidavit is a sworn statement made by the lender that it has lost the original note. The affidavit also contains factual representations from the lender about the status of the note and the loan.
Circumstances for Release of a Promissory NoteThe debt owed on a promissory note either can be paid off, or the noteholder can forgive the debt even if it has not been fully paid. In either case, a release of promissory note needs to be signed by the noteholder.
Losing the original note or a copyThe original copy of a valid promissory note is usually held by the lender, but the borrower should also keep a copy of the signed document. If the borrower does not repay the loan, the lender can pursue appropriate legal action.
You can get a copy of your Master Promissory Notes by going to studentloans.gov and entering your FSA ID. Click on Completed Master Promissory Notes under the menu bar heading that says My Loan Documents. The completed Master Promissory Notes will appear, and you can download them directly.
When you take out a mortgage, or any other kind of loan, the law requires you to sign a document that signifies your agreement to repay the money. The promissory note represents a binding legal document, enforceable in a court of law.
The buyer of the note becomes what is called a holder because they hold your note as the owner of it. A holder has a special right to collect from you right away if you don't pay. But only the holder of an original promissory note can collect from you. A promissory note can change many hands as it is bought and sold.
4. Search the county recorder's records. Promissory notes are typically recorded as public documents and accessible shortly after the closing. The trustee maintains the original deed until the loan is satisfied.
Even if a promissory note is lost, the legal obligation to repay the loan remains. The lender has a right to re-establish the note legally as long as it has not sold or transferred the note to another party.