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Updated almost 7 years ago on . Most recent reply
Payoff demand question with deed of trust
Hi, I am holding a CA deed of trust against a property with X amount dollars on it. However, I am also holding another promissory notes with Y amounts dollars from the same person which is already past due (no deed of trust). Upon the sale of the property thatI hold the deed of trust, can I request a total of X+Y amounts of dollars on the payoff demand statement from escrow? or am I only allowed to get X amounts of money which is shown on the deed of trust?
Another question is:
Do I need to have the original copy of the deed of trust and the original copies of the notes to get back the money? I have photocopies of the notes with both parties signatures which are notarized. I also have the photocopies of the deed of trust that is recorded with the county.
Thanks.
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On a pay off for the property, you are only entitled to the note with a mtg. The Y note has no lien/interest in the property.