promissory note questions

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promissory note questions

Postby jparkh81 » Wed Mar 30, 2016 5:17 pm

Hello It is great to find an online community of real people that are actually doing this stuff and having success. So I am already in a mortgage that was sold about a week after getting it, not behind in payments and I am able to make the payments but barely. It would sure be nice to not have this debt dragging me under water all the time. I've been researching the promissory note method where you tell the bank they have to come to your house to collect the payments and if sold you are released of all obligation.

My question is if I already have a promissory note on file for the mortgage that I signed when I was first getting the loan and I send them a new note, does the new note replace and supersede the first one? It seems as though now they would just have 2 notes I.E. two loans.

My other question is that once the note is sold will the bank automatically send the title and deed to the house or do you have to hunt them down for it?

Has anyone here actually tried this and seen it work?

thanks
jparkh81
 
Posts: 1
Joined: Wed Mar 30, 2016 5:15 pm

Re: promissory note questions

Postby squark » Wed Mar 30, 2016 5:38 pm

" and having success" I'm not convinced that that statement is true.
What did you base it on?

I think you are too new to succeed. A promissory note is Money. You gave them money, if it was a promissory note you gave them. I'm not sure a loan took place. I'm no expert by the way. They are expecting what they "lent" you, repayments and some interest too, so if you want to pay them off, two promissory note could be the way. They have the money for the house, the note, and they want their interest and repayments, ask for a total, make a new note and pay them.

Citizens, Persons, Borrowers, Whatever may not have the right to promise. Who knows what they signed you up for?

This guy is great........https://www.youtube.com/watch?v=TxI6CO_VDCE
I hope its of help.
And the Lord spake unto his people, he said "Get Off MY Bloody Land!"
And the people gave unto the Lord, freely they gave him The Finger
squark
 
Posts: 326
Joined: Tue May 10, 2011 5:41 pm
Location: Stoke on Trent

Re: promissory note questions

Postby squark » Thu Mar 31, 2016 3:12 am

This one is good too. Explains that a note is money.
https://www.youtube.com/watch?v=ztpBRUkKsrw
And the Lord spake unto his people, he said "Get Off MY Bloody Land!"
And the people gave unto the Lord, freely they gave him The Finger
squark
 
Posts: 326
Joined: Tue May 10, 2011 5:41 pm
Location: Stoke on Trent


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