Gianna Miceli and Speaker A identify the core documents you need from a loan servicer: the promissory note, the security instrument (mortgage or deed of trust), and any public-recorded assignments. For a HELOC, also get the agreement and disclosure statement. Servicers often delay filing assignments because each recording costs hundreds to thousands of dollars.
So can you explain to us what documents our loans consist of?
Sure. The basic documents. Again, while you sign between 80 and 120 documents, I'm going to ask everyone for a copy of your note. Again, the latest and greatest version from your loan servicer. Now, if you've taken out, for example, a heloc, you can ask your loan servicer for a copy of your home equity line of credit agreement and disclosure statement. Okay. So it just depends on what type of loan you took out as to the document. But again, the basics are the note, the mortgage, if you're in a mortgage state or a deed of trust. For example, if you're in Texas or California or Arizona, when we also in public record any assignments, and those are the documents that we look at. So the note, the security instrument and your public records. Right, the public records. Because I want to see are there any assignments that have been filed into public record? If you understand that the reason for an assignment. All right. They don't get filed usually unless something happens. Why? Because there is a hard dollar cost to prepare each and every document. It can range from several hundred to several thousand dollars. So usually what happens is everyone just keeps paying and as long as they pay, they just kick the can down the road.
