- License and Permit Bonds/
- California Lost Note and Trust Deed Bond
California Lost Note and Trust Deed Bond
Bond Details
Rate is 1.5% for the first $100,000 of the bond amount
Rate is 1.25% for the amount greater than $100,000
- No underwriting up to $150,000
- Credit check is required for bonds > $150,000 and < $200,000
- Financials are required for any bonds > $200,000
Overview
A lost note and trust deed bond is required of individuals who are looking to refinance, sell, or transfer their property and are missing the original documents to complete the transaction. Required by title companies and lenders, the California lost note bond protects the obligee from financial loss should the original note or trust deed is found.
Principal: Homeowner (you)
Obligee: Financial institution
Surety: NNA Surety
Bond Amount: Varies
Bond Cost: 1.5% of bond amount for the first $100,000 or 1.25% for the amount greater than $100,000
Bond Term: Entire term of the bond
Cost of a California Lost Note/Trust Deed Bond
This bond costs 1.5% of the bond amount for the first $100,000, paid once for the entire term of the bond and 1.25% for the amount greater than $100,000.
Difference Between a Lost Note and Deed of Trust
A promissory note and a deed of trust serve as key documents in real estate transactions. A promissory note is an agreement that you (borrower) promise to repay the loan while the deed of trust is a document that secures the loan with real estate as collateral.
When either of these documents is lost, misplaced, or destroyed, the title company or lender that issued you the loan may require you to secure a surety bond to proceed with the transaction.
Get Your Lost Note/Trust Deed Bond Today
You can get a California lost note and trust deed bond from NNA Surety. Call us at 855-575-1063 or complete our form to get bonded today.