Acquisition and building mortgage note

[Lana Friedland]

Is anyone familiar with 'Acquisition and building mortgage note'? We are doing private money lending and the borrower's lawyer prepared this type of document for us, it combines a promissory note and deed of trust in one document. Anyone has experience with such documents?

[Kathie Riedel]

@Lana Friedland I have not but I am suspicious of using such a document. The mortgage should be recorded. The note not. If there should be some agreed change to the note the entire document would have to be revised and recorded. I would guess that about 25% of the time my notes are changed after a few months seasoning.