Legal Aspects - MORTGAGE

Question 1

A person in whose favor a property is mortgaged

Answer 1

MORTGAGEE

Question 2

A person who encumbers his property by way of mortgage to guarantee the performance of an obligation

Answer 2

MORTGAGOR

Question 3

A kind of Mortgage wherein One which is agreed to by the parties

Answer 3

VOLUNTARY or CONVENTIONAL Mortgage

Question 4

One required by express provision of the law to be executed in favor of certain persons to secure the performance of the principal obligation

Answer 4

LEGAL MORTGAGE

Question 5

One resulting from a judgement of the court

Answer 5

JUDICIAL MORTGAGE

Question 6

One which, although it lacks some formality, form of words or other requites prescribed by a statute, sows the intention of the parties to charge real property as security for a debt and contains nothing impossible or contrary to law. “PACTO DE RETRO SALES”

Answer 6

EQUITABLE MORTGAGE

Question 7

A mortgage which can be paid off any time even before its maturity

Answer 7

OPEN MORTGAGE

Question 8

A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has reduced, without rewriting the mortgage

Answer 8

OPEN-END MORTGAGE

Question 9

A simple mortgage which covers more than one piece of rel estate or multiple collateral

Answer 9

BLANKET MORTGAGE

Question 10

A mortgage subordinate to an earlier mortgage on the same property whereby the subsequent lender’s claim against right must respect the claims of the first mortgage

Answer 10

JUNIOR MORTGAGE

Question 11

A procedure whereby property pledge as secuirty for a debt is sold topay the debt in the event of default in payment or terms

Answer 11

FORECLOSURE

Question 12

Kinds of Foreclosure

Answer 12

• JUDICIAL - Through courts

EXTRA JUDICIAL - Out of court and usually when there is a special power to sell

Question 13

A hold or claim which one person has upon the property of another as security for a debt or charge, judgment, mortgage and taxes

Answer 13

LIEN

Question 14

Art 2132. The creditor acquires the right to receive the fruits of an Immovable of his debtor, with the obligation to apply them to the payment of the interest, if owing and thereafter to the principal of his credit

Answer 14

ANTICHRESIS

Question 15

Authorizes the mortgagee to appropriate the property as his own upon failure of the debtor to fulfill the principal obligation. This is void and of no legal effect.

Answer 15

PACTO COMMISSORIUM

Question 16

A stipulation which prohibits the mortgagor from alienating the property within the period of the mortgage. This is void and of no legal effect.

Answer 16

PACTO DE NON ALIENDO

Question 17

A transaction by which the mortgagor-owner of mortgaged property reacquires or buys back the property within a certain period and for certain amount after his default or after foreclosure sale.

Answer 17

REDEMPTION
(1 yr redemption after the sheriff issues cert of sale from the time cert of sale be registered to the ofc of ROD to be annotated on the title.

Question 18

a type of life insurance Coverage for principal borrower

Answer 18

MRI (Mortgage Redemption Insurance)