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11 Cards in this Set
- Front
- Back
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acceleration clause |
allows the lender to demand immediate payment of entire loan if the borrower defaults |
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deficiency judgment |
a judgment against a borrower if the foreclosure sale does not bring enough to pay the balance owed |
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first mortgage |
the mortgage loan with the highest priority for repayment in the event of foreclosure |
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foreclosure |
the procedure by which a person's property can be taken and sold to satisfy an unpaid debt |
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junior mortgage |
any mortgage on a property that is subordinate to the first mortgage in priority |
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mortgage |
a document that makes property security for the repayment of a debt |
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mortgagee |
the party receiving a mortgage; the lendor |
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mortgagor |
the party giving a mortgage; the borrower |
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power of sale |
allows a mortgagee to conduct a foreclosure sale without first going to court |
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promissory note |
a written promise to repay a debt |
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subordination |
voluntary acceptance of a lower mortgage priority than one would otherwise be entitled to |
