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RE Financing Ch. 5 Finance Instruments Quick Key Terms
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Promissory Note
debt
Maker
debtor/borrower
Payee
creditor/lender
Negotiable instrument
right to payment
Holder in due course
third party debt investment
Straight note
payments of interest only
Installment note
principal and interest payments
Security Intstruments
voluntary lien
Hypothecation
title to lender without giving up possession
Legal Title
security no possession
Equitable title
borrower rights lender has title
Lien
debt
Mortgage
voluntary lien
Deed of trust
third party power of sale
Judicial Foreclosure
a court foreclosure
Nonjudicial Foreclosure
foreclosure by trustee (third party)
Power of sale
deed of trust right of trustee to sell home
Reinstatement
borrower curing default to prevent foreclosure
Redemption
default borrower payoff loan prevent foreclosure
Equitable right of redemption
-time frame before sale to prevent foreclosure
Statutory right of redemption
-time frame after sale to payoff
Sheriff's sale
-public auction
Deficiency Judgment
-borrower payment of difference in debt and sale proceeds
Trustee's Sale
sale conducted by trustee
Loan workout
adjusted payments
Deed in lieu of foreclosure
borrower gives back lender property
Short Sale
sell house for less then owed
Subordination Clause
-second lien priority
Prepayment Provision
fees for prepayment
Partial Release Clause
blanket lien; release some properties from debt
Acceleration Clause
all debt due now
Alienation Clause
accelerate loan
Assumption
new buyer pays existing loan
Certificate of Reduction
transfer ownership status of loan
Junior Mortgage
second / lower lien
Purchase money mortgage
seller financing
Home equity loan
security by other property owned
Refinance mortgage
loan payoff loan
Budget Mortgage
monthly payment package; principal, interest, taxes, insurance, etc.
Package mortgage
mortgage with personal property
Blanket mortgage
several properties
Construction Loan
loan for building
Reverse Mortgage
old people; lump sum, line of credit for equity
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Author
Blue2xa88
ID
321341
Card Set
RE Financing Ch. 5 Finance Instruments Quick Key Terms
Description
Fiance Instruments Terms
Updated
2016-06-22T22:03:50Z
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