Chapter 13 Mortgage Flashcards

1
Q

borrower

A

Mortgagor

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2
Q

borrower’s statement of how much remains on mortgage debt

A

Estoppel Certificate

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3
Q

arrangement by which mortgage holder gives up priority

A

Subordination Agreement

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4
Q

charging higher interest than is allowed by law

A

Usury

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5
Q

clause ensuring that after repayment, lender has no claim on property

A

Defeasance clause

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6
Q

clause stating that if property is sold, debt is immediately payable

A

Alienation Clause

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7
Q

pledging of property as security without surrendering possession

A

Hypothecation

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8
Q

clause stating that in case of default, the whole debt is immediately payable

A

Acceleration Clause

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9
Q

court order that a borrower pay money lost by lender after foreclosure

A

Deficiency judgement

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10
Q

document given to purchaser of foreclosed property

A

Sheriff’s deed

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11
Q

failure to live up to any mortgage agreement

A

Default

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12
Q

lender

A

mortgagee

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13
Q

lender’s statement of how much remains on a debt

A

Reduction Certificate

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14
Q

lender’s statement that debt has been repaid in full

A

Satisfaction of mortgage

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15
Q

personal promise to repay a loan; similar to a bond

A

Note

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16
Q

personal promise to repay money; similar to a note

A

Bond

17
Q

proceeding to auction foreclosed real estate

A

Sheriff’s sale

18
Q

to seize and sell property pledged for a debt

A

Foreclosure

19
Q

written pledge of real estate as a security for a loan

A

Mortgage

20
Q

lender agrees to accept sale proceeds, even if less than the debt

A

Short Sale

21
Q

property acquired by lenders

A

REO