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Legal Terminology > Ch 35 Mortgages > Flashcards

Ch 35 Mortgages Flashcards

1
Q

Acceleration Clause

A

a clause in a mortgage or note that causes the entire balance of the loan to become due when a default occurs

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2
Q

Adjustable Rate Mortgage

A

a mortgage with an interest rate that fluctuates according to changes in an indez to which it is connected

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3
Q

Amortization

A

reducing or decreasing over time. in a loan, it shows how the loan balance is reduced until it is paid off

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4
Q

Balloon Mortgage

A

a mortgage with low fixed payments during the life of the loan, ending with one large final payment

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5
Q

Collateral

A

someting lenders can sell to get their money back in case of default, security interest for a loan

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6
Q

common Law Theory of Mortgages

A

the legal theory that a mortgage is a conveyance of title, which becomes void on payment of the obligatoin

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7
Q

Court of Equity

A

a court that administers justice according to the system of equity

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8
Q

Deed of Release

A

a deed releasing property from an encumbrance

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9
Q

Deed of trust

A

an instrument used in some states that replaces a mortgage, by which the legal title to real property is placed in a trustee to secure the repayment of a debt

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10
Q

defualt

A

a failure to perform a legal duty

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11
Q

defeasance clause

A

a clause in a mortgage providing that the mortgage deed shall be void on payment of the obligation

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12
Q

deficiency judgment

A

a judgment for the amount reaming due to the mortgagee after a foreclosure sale

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13
Q

equitable theory of mortgages

A

the legal theory that a mortgage is not a conveyance of title, but merely a lien against the property

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14
Q

equity of redemtion

A

the right of a mortgagor to redeem the property at any time before the completion of a foreclosure proceeding by paying the amount of the debt, interest, and cost.

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15
Q

fixed-rate mortgage

A

a mortgage with an interest rate that does not change during the life of the morgage

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16
Q

foreclose

A

to shut out, bar, or terminate

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17
Q

graduated-payment mortgage

A

a mortgage under which payments increase gradually over the life of the loan

18
Q

junior mortgage

A

a mortgage subject to a prior mortgage

19
Q

lien

A

a claim or charge on property for the payment of a debt

20
Q

lien theory of mortgages

A

the legal theory that a mortgage is not a conveyance of title, but merely a lien against the property

21
Q

mortgage

A

a conveyance of real property for the purpose of securing a debt

22
Q

mortgage assignmet

A

the transfer of a mortgagees interest in a mortgage to another person

23
Q

mortgage assumption

A

an agreement by a new owner of real property to pay the former owners mortgage

24
Q

mortgage deed

A

a conveyance of real property for the purpose of securing a devt

25
Q

mortgage discharge

A

a document stating that a mortgage debt is satisfied

26
Q

mortgagee

A

one who lends money and takes back a mortgage as security for the loan

27
Q

mortgage take-over

A

an agreement by a new owner of real property to pay the former owners mortgage

28
Q

mortgagor

A

one who borrows money and gives a ortgage that is pledges property tot he lender as security for the loan

29
Q

partial release

A

a document stating that specified parcels of property are released form an ecumbrance

30
Q

power of sale clause

A

a clause in a mortgage allowing the mortgagee to hold a foreclosure sale without involving the court when a default in payment of the mortgage occurs

31
Q

promissory note

A

written promise by the borrower to pay a sum of money to the lender

32
Q

redeem

A

buy back

33
Q

refinance

A

to extinguish a debt obligation and replace it with new debt that has different terms, such as a different interest rate or amortization schedule

34
Q

reverse mortgage

A

a mortgage in which a bank pays a homeowner the equity in the home in exchange for the title to the home

35
Q

right of redemtpion

A

the right to take property back, a statutory right to redeem the property even after a foreclosure sale

36
Q

second mortgage

A

a mortgage subject to a prior mortgage

37
Q

security

A

assurance usually in the form of a pledge or deposit given by a debtor to a creditor to make sure that a debt is paid

38
Q

short sale

A

the sale of a home for a price lower than the loan balance: occurs only if the lender allows it

39
Q

title theory of mortgages

A

the legal theory that a mortgage is a conveyance of title, which becomes void on payment of the obligation.

40
Q

variable-rate mortgage

A

a mortgage with an interest rate that fluctuates according to changes in an index to which it is connected

Legal Terminology (13 decks)

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