Some friends and I were having a discussion on promissory notes as related to foreclosures. What happens to the promissory notes (fake copy or original) after the homeowner looses the house to foreclosure? Shouldn't the promissory note be returned to the former homeowner? Also when you refinance your loan, what happens to the promissory note from the old lending institution? Shouldn't they be returned to the homeowner? In other words what happens to these notes? Can the homeowner ask for these notes? And would the homeowner ever get them?