Q&A Hero

Question

a. acceleration clause k. foreclosure
b. alienation clause l. junior mortgage
c. assumption m. mortgage
d. chattel mortgage n. mortgagor
e. deed of trust o. partial release
f. defeasance clause p. power of sale
g. deficiency judgment q. promissory note
h. equitable mortgage r. public auction
i. equity of redemption s. subject to
j. first mortgage t. subordination
1> a document by which property secures the repayment of the debt
2> a clause in a mortgage stating that the mortgage is defeated if the borrower repays the accompanying note on time
3> a lawsuit filed by a lender that asks a court to set a time limit on how long a borrower has to redeem her property
4> an agreement that is considered to be a mortgage in its intent even though it may not follow the usual mortgage wording
5> a document wherein personal property is used as security for a promissory note
6> the evidence of debt; contains amount owed, interest rate, repayment schedule, and a promise to pay
7> one who gives a mortgage; the borrower
8> a clause in a mortgage that allows a lender to call the loan due if the property changes ownership; also known as a due-on-sale clause
9> release of a portion of a property from a mortgage
10> the buyer personally obligates himself to repay an existing mortgage loan as a condition of the sale
11> the buyer of an already mortgaged property makes the payment but does not take personal responsibility for the loan
12> any mortgage lower than a first mortgage in priority
13> a clause in a mortgage that gives the mortgagee the right to conduct a foreclosure sale without first going to court
14> a judgment against a borrower if the sale of a mortgaged property at foreclosure does not bring enough to pay the balance owing
15> the right of a borrower, after a foreclosure sale, to reclaim the property by repaying the defaulted loan
16> voluntary acceptance of a lower mortgage priority position than one would otherwise be entitled to
17> a deed given to a trustee as security for a loan
18> the mortgage loan with highest priority for repayment in the event of foreclosure
19> the usual procedure by which foreclosed properties are sold
20> allows the lender to declare the loan due if the borrower defaults