What is all this information I have been hearing on the news about lost promissory notes, and that lenders must prove they actually own the promissory note?
A. As a general rule, mortgage foreclosure law firms have made the decision to file lawsuits as fast as they can, so they plead a count in the complaint claiming they need to reestablish the promissory note because it has been lost. In the majority of those cases, the lender will locate the promissory note and it will be filed with the court. The issue then becomes, even though the original promissory note has been filed with the court, does the lender who is foreclosing actually own the promissory note and have the right to foreclose.
