In Re the Foreclosure of a Deed of Trust

MARTIN, Justice.

This foreclosure case presents the question of whether a mortgagor’s bare assertion that “you have to have more than a mere stamp” to transfer a mortgage instrument excuses her from her debt obligation. We hold that it does not.

In October 2005 Tonya Bass executed an adjustable rate promissory note (the Note) with Mortgage Lenders Network USA, Inc. (Mortgage Lenders) in the principal amount of $139,988.00 plus interest in monthly installments of $810.75. The loan terms specified that if Bass failed to “pay the full amount of each monthly payment on the date it is due,” she…