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Finance1
Finance
| Question | Answer |
|---|---|
| Mortgage | A pledge of real property as security for a debt |
| Deed of Trust | A three party loan instrument-borrower, lender and trustee |
| Note, Promissory Note | A personal promise to repay a debt |
| Mortgagor | Borrower under a mortgage |
| Mortgagee | Lender under a mortgage |
| Beneficiary | Lender under a deed of trust |
| Trustor | Borrower under deed of trust |
| Trustee | A third party under a deed of trust who acts as an agent for the leader |
| Power of Sale | A clause in a deed of trust allowing non-judicial foreclosure |
| Non-judicial Foreclosure | Foreclosure that does not require court proceeding or a judgement of foreclosure-the result of the power of sale clause in a deed of trust |
| Hypothecation | The action of pledging real property for a debt |
| Acceleration Clause | A clause in a mortgage allowing the lender to declare the whole amount of the principal due and payable in the event of default by the borrower |
| Alienation Clause | "Due on sale" clause stating the balance of debt becomes due if th eproperty is sold by the mortgager |
| Defeasance Clause | A clause stating that the lien on the property is defeated when the debt is repaid |
| Escalation Clause | A clause allowing the lender to raise the existing interest rate-although most often associated with an adjustable Rate Mortgage, it can be used to overcome an alienation clause |
Created by:
Shirilyn
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