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19 Cards in this Set
- Front
- Back
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A prospective buyer needs to borrow money to buy a house. The buyer applies for and obtains a real estate loan from a mortgage company. Then the buyer signed a no and I mortgage. In this example the buyer is called |
The mortgagor |
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I prospected buyer needs to borrow money to buy a house. The buyer applies for and obtains a realestate loan from a mortgage company. Then the buyer signs and know and I mortgaged. In this example the mortgage company is called |
The mortgagee |
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The borrower under a deed of trust is known as |
The trust or |
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Alone in which the bar were makes only interest payments is called |
A straight loan |
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What type of law limits the interests rate that is allowed to be charged |
Usury Law |
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After foreclosure sale, the borrower who has defaulted on the loan may seek to pay off the mortgage debt plus any accrued interest and cost under what right |
Statutory Redemption |
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Which clause would give a lender the right to have all future installments become due upon default |
Acceleration |
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What document is available to the mortgagors when the mortgage debt is completely repaid |
Satisfaction of Mortgage |
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Who is entitled to a reverse mortgage |
A homeowner of 62 or older |
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Alone that provides for the full payment of the principal over the life of the loan is |
An amortized loan |
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All of the following clauses in a loan agreement enable the lender to demand that the entire remaining debt be paid and mediately except |
A defeasance clause |
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Which of the following allows a mortgage E to proceed to a foreclosure sale without going to court 1st? |
Power of sale |
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The mortgage foreclosed on a property after the borrower defaulted on the loan payment. The unpaid balance of the loan at the time of the foreclosure sale was $140000 but at the foreclosure sale the house sold for only a 129000. If permitted by state law what must the lender due to recover at the $11000 the borrower still owes |
Seek a deficiency judgment |
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Discount points on a mortgage are computed as a percentage of |
The loan amount |
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In one state, a lender holds a lien on real property offered as collateral for a loan the borrower retains both legal and equitable title to real property. If the borrower defaults on the loan the lender must go through formal foreclosure proceedings to recover the debt. The state can be best characterized as what kind of state |
Lien Theory |
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In one state, a mortgagee holds the legal title to real property offered as collateral for a loan, and the mortgage or retains the rights of possession and use. If the borrower defaults common the lunder is entitled to immediate possession and rent. This state can be best characterized as what kind of state |
Title theory |
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A home buyer has a mortgage that provides for increasing payments over the life of the loans let it can be paid off earlier than would be the case with a regular a more ties loan. The homebuyer has? |
A growing equity mortgage |
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A junior lien may become 1st and priority at the original lender agrees to execute? |
A subordination agreement |
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A buyer purchased a home under an agreement That made the by your personally obligated to continue making payments under the seller's existing mortgage. If the buyer defaults and the court sale the property does not satisfy the debt, the buyer will be liable for making up the difference. The buyer has? |
Assumed the seller's mortgage |
