Five Key Factors that Impact Risk, Value and Income What is a real estate mortgage note? Legally speaking, a mortgage note is two legal documents: 1) A promissory note, and 2) An encumbrance or lien recorded against real estate. But, based on every day conversational usage, most people, lawyers excepted, think of it a one document. To be technically correct in this discussion we will deal with the two separate documents-the promissory note and the mortgage or deed of trust. To determine the best way to structure a real estate mortgage note we must first consider our goal or our
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