Mortgages Flashcards
1
Q
Mortgagor
A
Person who owes $
2
Q
Mortgagee
A
Creditor (lender)
3
Q
Types of Mortgages
A
- Purchase $ Mortgage: security interest in property that loan enables person to acquire
- Not Purchase $ Mortgage:
4
Q
Mortgage Creation
A
- Debt note + lien in land
- In writing (aka legal mortgage, deed of trust, security interest in land, sale leaseback)
5
Q
“Assumes mortgage”
A
Both grantor and grantee liable for
mortgage
6
Q
“Take subject to Mortgage”
A
Only grantor liable
7
Q
Foreclosure: how is priority if creditors determined?
A
Whenever records 1st (except if purchase money mortgage)
8
Q
Equitable Redemption
A
Debtor has right to redeem land prior to foreclosing sale, by paying
9
Q
Clogging of equity of redemption
A
Debtor cannot waive right to redeem
