Chapter 13 Mortgage Flashcards
borrower
Mortgagor
borrower’s statement of how much remains on mortgage debt
Estoppel Certificate
arrangement by which mortgage holder gives up priority
Subordination Agreement
charging higher interest than is allowed by law
Usury
clause ensuring that after repayment, lender has no claim on property
Defeasance clause
clause stating that if property is sold, debt is immediately payable
Alienation Clause
pledging of property as security without surrendering possession
Hypothecation
clause stating that in case of default, the whole debt is immediately payable
Acceleration Clause
court order that a borrower pay money lost by lender after foreclosure
Deficiency judgement
document given to purchaser of foreclosed property
Sheriff’s deed
failure to live up to any mortgage agreement
Default
lender
mortgagee
lender’s statement of how much remains on a debt
Reduction Certificate
lender’s statement that debt has been repaid in full
Satisfaction of mortgage
personal promise to repay a loan; similar to a bond
Note