I have a title company asking for the sellers first 3 pages of the mortgage and the first 3 pages of the mortgage note. So my question is what is the difference between a mortgage and a mortgage note? Are they sometimes called different things? And what would they actually look like? I'm trying to help the seller (over the phone) identify whats what in his big stack of papers that he got when he did the refi. Thanks for all your help in advance.
Two documents are usually drafted when a loan is secured against a property. One is a Promissory Note. This is often referred to simply as the note. This is what the title agent is referring to as the mortgage note. The Note spells out the terms and conditions of the loan (interest rate, length of the loan, when payments are due, etc.)
The Mortgage gives the lender the right to foreclose on the property and to force a sale if necessary, if all legal procedures are followed, in order to recover as much of their principal as they can if the borrower defaults on the terms of the note. This document is recorded in the public records.