A note without a mortgage is usually worthless while a mortgage without a note has considerable value.

Question

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A note represents the borrower's promise to repay the loan while the mortgage represents the lender's security interest in the property. Therefore, a mortgage without a note is essentially just a lien on the property and does not have much value. On the other hand, a note without a mortgage has value because it represents a legal obligation to repay the loan.

A Note Without a Mortgage Is Usually Worthless While a Mortgage