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Lost mortgage note?
So...we've been in our new house for about 2 months and just got a call from our mortgage broker that our bank (a very large national one) can't seem to find our original, signed note. 
They sent us a new one via FedEx and asked us to sign and return it ASAP. This makes me nervous for a few reasons, one of them being that I wonder what other paperwork from our file might have gone missing if they can't seem to track down the freaking NOTE!
The other part that makes us nervous is the second paragraph of the cover letter:
"In exchange, of you returning the replacement Note [Bank] agrees that should anyone ever present the lost (original) note to you for payment, [Bank] will defend you against any claim brought by a holder of the lost Note; and if the holder receives a judgment against you for payment of the lost Note, [Bank] will pay the judgment on your behalf."
WDYT? WWYD? I am planning to speak to an attorney just to be sure, although our mortgage broker doesn't seem to think that we have anything to worry about. I worry about what might happen years from now when our mortgage has been bought and sold who knows how many times. Not to mention I don't particularly trust the bank who owns the mortgage now.
Help?
Re: Lost mortgage note?
You need to get a lawyer to review this with you. This is too complicated for the average person to comprehend, especially in light of what has happened with notes not being recorded properly and so on. I would want reassurance that your paperwork was filed with the county, as well. A local real estate attorney should be able to help you here. It will cost a few hundred bucks, but the piece of mind will be worth it.
Although... it sounds like you may have a free house, if the bank can't prove it holds a note! Muahahahaha!!!
Eh. This is true, but you definitely need to talk to an attorney. I would be very leary of signing a new note. I've even heard some people give advice to stop paying on their mortgage because they don't know if they are sending the money to the correct bank (DON'T DO THIS). I'm so annoyed at what the banks did to real estate (and yes, it was mostly the banks that got us in this stupid mess!!!). I know a few people in SC that have been in their homes for almost 2 years without making payments and the bank is unable to forclose.