Mortgage

Question 1

Is the lender the mortgagor or the mortgagee

Answer 1

Mortgagee

Question 2

Using mortgagor in mortgagee who pays who the monthly payments

Answer 2

The mortgagor pays the mortgagee

Question 3

Who issues who the mortgage or a satisfaction of mortgage when the loan is paid in full (using mortgagor and mortgagee)

Answer 3

Mortgagee will issue the mortgagor

Question 4

Satisfaction of mortgage must be given to the borrower within how many days of loan pay off

Answer 4

30 days of loan pay off

Question 5

When a mortgage is in foreclosure does it require court action

Answer 5

Yes

Question 6

When a mortgage is in foreclosure the entire loan balance (all do and payable) is known as

Answer 6

Acceleration

Question 7

In order for the mortgagor/borrower to stop the foreclosure, the entire loan balance is paid this is called

Answer 7

Redemption

Question 8

At a mortgage foreclosure sale the winner of the auction receives a

Answer 8

Certificate of sale

Question 9

The original borrower/mortgagor has how many months to redeem the certificate of sale holder

Answer 9

Six months

Question 10

Any excess funds after a foreclosure sale go to the mortgagor or the mortgagee

Answer 10

Mortgagor

Question 11

The evidence of debt is called the

Answer 11

Promissory note

Question 12

Is the borrower the mortgagor or the mortgagee

Answer 12

Mortgagor