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RE Financing Ch. 5 Finance Instruments Quick Key Terms

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  1. Promissory Note
    debt
  2. Maker
    debtor/borrower
  3. Payee
    creditor/lender
  4. Negotiable instrument
    right to payment
  5. Holder in due course
    third party debt investment
  6. Straight note
    payments of interest only
  7. Installment note
    principal and interest payments
  8. Security Intstruments
    voluntary lien
  9. Hypothecation
    title to lender without giving up possession
  10. Legal Title
    security no possession
  11. Equitable title
    borrower rights lender has title
  12. Lien
    debt
  13. Mortgage
    voluntary lien
  14. Deed of trust
    third party power of sale
  15. Judicial Foreclosure
    a court foreclosure
  16. Nonjudicial Foreclosure
    foreclosure by trustee (third party)
  17. Power of sale
    deed of trust right of trustee to sell home
  18. Reinstatement
    borrower curing default to prevent foreclosure
  19. Redemption
    default borrower payoff loan prevent foreclosure
  20. Equitable right of redemption
    -time frame before sale to prevent foreclosure
  21. Statutory right of redemption
    -time frame after sale to payoff
  22. Sheriff's sale
    -public auction
  23. Deficiency Judgment
    -borrower payment of difference in debt and sale proceeds
  24. Trustee's Sale
    sale conducted by trustee
  25. Loan workout
    adjusted payments
  26. Deed in lieu of foreclosure
    borrower gives back lender property
  27. Short Sale
    sell house for less then owed
  28. Subordination Clause
    -second lien priority
  29. Prepayment Provision
    fees for prepayment
  30. Partial Release Clause
    blanket lien; release some properties from debt
  31. Acceleration Clause
    all debt due now
  32. Alienation Clause
    accelerate loan
  33. Assumption
    new buyer pays existing loan
  34. Certificate of Reduction
    transfer ownership status of loan
  35. Junior Mortgage
    second / lower lien
  36. Purchase money mortgage
    seller financing
  37. Home equity loan
    security by other property owned
  38. Refinance mortgage
    loan payoff loan
  39. Budget Mortgage
    monthly payment package; principal, interest, taxes, insurance, etc.
  40. Package mortgage
    mortgage with personal property
  41. Blanket mortgage
    several properties
  42. Construction Loan
    loan for building
  43. 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

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