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The instrument that contains the amount of the loan, interest rate, payment provisions, and other terms of the loan is the ___ ___.
promissory note
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A mortgage is a ___ ___ ___.
pledge of security
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The clause in a mortgage that protects the borrower's interest and requires the lender to acknowledge performance by the borrower is the ___ clause.
defeasance
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The clause that allows a parcel of property to be sold free and clear of a blanket mortgage is the ___ clause.
release
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A ___ ___ is a written agreement in which a lender agrees with the property owner to change the priority of liens.
subordination agreement
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If a borrower was in default, and the lender wished to call the entire balance of the loan due and payable, the mortgage would have to contain an ___ clause.
acceleration
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If a buyer were to take over the balance of an existing mortgage in such a way that the seller remained solely responsible for a deficiency judgment, the property was sold ___ ___ ___ ___.
subject to the mortgage
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When a lender allows a new borrower to take responsibility for a mortgage and note, and releases the original borrower from liability for the mortgage and note, the process is called ___ ___ ___.
assumption with novation
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When a lender is requested by a borrower to verify the outstanding balance of a loan, the lender would give the borrower an ___ ___.
estoppel letter
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The percentage figure borrowers must be provided with that includes all costs associated with a loan is referred to as the ___.
APR
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A ___ ___ is a personal debt based on the promissory note.
deficiency judgment
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The right of a borrower to cure a default prior to foreclosure is called the ___ ___ ___.
equity of redemption
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Foreclosure is ___ of the mortgage.
enforcement
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A ___ ___ is the primary claim on a property which takes precedence over all other subsequent (junior) mortgage claims.
first mortgage
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___ is the difference between the current market value of a property and the amount the owner still owes on the mortgage.
Equity
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