I'm looking at buying a mortgage in Florida but the note is lost.  The seller will sign a lost note affidavit but not sure what good that is.   I know you used to be file a lost note affidavit and court would allow you to foreclosure but in my current research I have seen several appeal cases were the courts said the banks didn't have standing if they didn't have the original note. 

Anyway, I'm looking for advice.  Suggestions? ect.   Is it worthless if the borrowers decide not to pay?

THanks for any help.

big problem with this if you have to foreclose. 

Altimatly if the deal is great and you buy it, you can try to modify the loan and ask the borrower to sign a modification note.  

@Ray Slack my recommendation is to have an attorney review the collateral for $250.

As far as I know, a Lost Note Affidavit from a reputable seller is a sufficient substitute for a missing original note. I've never had to show up in court so I don't have first hand experience but all the note investors I know accept an LNA for an original note. 

Lost note and assignment affidavits can cause issues down the line. Courts and title insurers frown upon them. I've consulted two attorneys and a title examiner who've told me so and highly recommended I stay away from them.

There are very few note cases where you know 100% what's going to happen. You might be fine with a lost note affidavit, and you may have problems with it. In my mind, with the number of notes available, I would just avoid this one and buy another one.

okay.. thanks for the the feedback. 

I've never had a problem with a lost note affidavit on the deals we've bought where we needed one or one was provided.  

They are quite common in FL Foreclosures....never seen one actually denied/overturned.