Lost Note / Deed Bonds

from Mission Counties Insurance Agency

To apply for a Lost Note / Deed Bond

Email a copy of the preliminary title report to beth [at] missioncounties [dot] com or fax it to 408-978-6801. We will set up an application and email or fax it back to you with instructions on how to complete the application.

Information you should begin to gather:

• Personal financial statement if bond is over $25,000.
• Gather anything that shows payment was made. This can be cancelled checks, a payment book, ledger or any correspondance from the beneficiary indicating payment was received. If you have none of this, we can still apply for the bond, but the cost will be higher.
• Write a summary of the facts related to the lost note or deed. Include the sequence of events from the date of execution of the note until today.

Bonds are required to be issued for at least two (2) times the amount of the note or mortgage per California Civil Code Section 2941.7. The premium charge will be based on the required bond limit.

Premium charges range from 1.5% to 4%.

Title Companies

Please also include a copy of the deed of trust requiring the bond and any subsequent deeds to bring the vesting to the current.

Please provide a current trustee if the original trustee is no longer in business. If there is no successor please indicate that your company will generate the deed of reconveyance if the bond is approved and issued.

This bond allows the note/deed to be cleared from the recorded title by a deed of reconveyance to be prepared by the trustee or the current title company. The bond does not relieve the principal (applicant) of financial responsibility for the note if in the future it is proven that it was not paid.

Please feel free to contact us with any questions about the application or bonding in general:

• Becky: 408-979-2241 / becky [at] missioncounties
• Beth: 408-979-2245 / beth [at] missioncounties