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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