Definitions Flashcards
1
Q
Mortgage holder?
A
The party that is lending the money, who collects the payments.
2
Q
Mortgagee
A
Person making the mortgage payment, such as one who is buying the house.
3
Q
Assume a mortgage
A
Take over payments for a mortgagee on a property usually with the OK of the bank; not allowed except on FHA and VA loans.
4
Q
Surety
A
An individual (as opposed to a company)that guarantees the acts of another person
