Sam:
What will the payors beleive? and better yet what will the Judge say in court if this issue ever was contested?
They will undoubtebly go off what the PROMISSORY NOTE indicates and NOT what the Note holder indicates.
You would be wise to have an estoppel signed by both the Note payor and Note payee and then in addition to this also have a FORMAL modification agreement of the Note and Mortgage executed to correct the apparent error that exists…
I have been offered to purchase a note where the interest rate on the note, and the interest rate on the DOT, and the interest rate on the real estate contract say 8%. The seller says the interest rate is 8.5%. This is reflected in the monthly payment, and another signed agreement. The sellers contend that the payors also believe the payment to be 8.5%, and having been paying steadily for two years at that rate.
My question is if I decide to purchase this note, do I get a mere modification, or do I get the payors to sign another note, or is there a third alternative.
Re: Note Modification or New Note? - Posted by Thomas Standen
Posted by Thomas Standen on October 22, 2003 at 11:48:30:
Seems to me the note controls - if I were to be involved in the purchase of this note there would be a requirement that a formal Note Modification Agreement be prepared and recorded before I would touch it.
If you would like to have one of these forms, let me know.