Q: My private mortgage holder refuses to sign an affidavit of lost note but says the originals were lost- what can I do?
I am trying to pay off my mortgage. The private holder lost both the original mortgage and note. He refused to sign an affidavit of lost note, because there is a clause included that says he will "indemnify and hold (me) harmless from any damage, cost liability or expense, including but not limited to, legal fees either paid to retain legal representation or the fair value of legal services rendered which may be incurred as a result of a breach of the above representation."
This is slowing down the payoff process, although I am ready to pay. What do I do now?
A: You would generally not get back the original note in a real property matter. The payoff letter and satisfaction of mortgage are sufficient. You are raising an issue that is not an issue.
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