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7 Cards in this Set
- Front
- Back
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what are the two instruments involved in a mortgage loan
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promissory note, and the mortgage which creates the lien interest
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the legal instrument that represents the evidence of a debt. a promise to repay that makes the borrower personally liable for the obligation.
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note
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an instrument that pledges the property as security (collateral) for a debt. represents the lien on the real estate that secures the debt.
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mortgage
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a mortgage is regarded as an investment or ------------by the mortgagee
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chattel (personal property)
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allows the mortgagor to prevent foreclosure from occuring by paying the mortgagee the principal and interest due
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equity of redemption
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a partially amortized mortgage in which a single large final payment, including accrued interest and all unpaid principal becomes due on the loan maturity date.
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balloon payment
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loan includes both real and personal property for security for the debt. used when purchashing a restaurant complete with cooking equipment and other personal property that serve as collateral
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package mortgage
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