Is a promissory note required for mortgage?

Answer A promissory note, a written promise to repay a loan or debt under specific terms, is not required for a mortgage. However, they work together in a mortgage agreement. A mortgage document pledges o... Read More »

Top Q&A For: Is a promissory note required for mortgage

Are a mortgage and a promissory note the same?

A promissory note is one of the documents required for a mortgage, but it is not the same as a mortgage. A mortgage is a loan secured by real estate property. The promissory note is the loan docume... Read More »

Is a promissory note a promissory estoppel?

Promissory estoppel is not a promissory note. Promissory estoppel occurs when a person relies on a promise and has an economic detriment due to the reliance on the promise. Due to the reliance on t... Read More »

How do I collect a promissory note?

Personal ContactEnsure the form you use is legal in your state, and follow the state’s laws. If you are in doubt, hire an attorney to prepare it for you. Send a copy to the promisor as soon as th... Read More »

Default on a Promissory Note?

A promissory note is a way to formally set terms for repayment of a loan. Unlike an IOU, which only states that there is a debt, a promissory includes the terms of repayment. Usually these terms wi... Read More »