Mortgage Flashcards
What is the exception to when a junior lease is not extinguished by a foreclosure sale?
When a junior mortgagee is not given notice of the foreclosure proceedings, the junior mortgage is not eliminated.
What happens when a promissory note is transferred without the mortgage?
If the promissory note is transfer without the mortgage, the mortgage is treated as having being transferred as well under the principle that the mortgage follows the note.
What is subrogation?
A person who pays off the loan that is secured by a mortgage in order to protect her own interest acquires the rights of the original lender and made therefore enforce the mortgage.
•A tenant in common with an equal ownership interest is entitled to contribution.
What is a purchase money mortgage?
Money used to finance purchase.
Has priority over all earlier non-purchase money mortgage and lien whether or not recorded
What is a equitable mortgage?
The deed is not intended as an out right transfer of land but the land was deeded in order to serve as a security for a loan.
