; Note (Lost) and eNote (Found)
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Note (Lost) and eNote (Found)


A common complaint in the foreclosure process is that a specific document -- the promissory note -- cannot be located in the mountains of paperwork related to mortgages. Throughout the life of a loan, the note was in the physical possession of many hands, especially as lenders and Walt Street firms bought and sold thousands of mortgages. Sometimes, there was a failure to transfer the original note from one party to another. An eNote is an electronic record: ie, it was created, it was signed, its ownership was transferred and it was stored electronically. Electronic mortgage documents were designed by MISMO so that the eNote may be tracked for the life of the loan -- from the time that the last borrower signs the eNote through secondary sale, servicing and, if it happens, foreclosure. Because an eNote is an electronic record, there are further safeguards to ensure it is not modified or tampered with after the borrowers have electronically signed.

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