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Unit 13

TermDefinition
Acceleration Clause The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults
Alienation Clause The clause in a mortgage stating that the balance of the second debt becomes immediately due and payable at the morgagee's option if the property is sold or title is otherwise transferred
Bond The instrument that creates a personal obligation for a debt that is secured by a mortgage or other lien on real estate
Default The nonperformance of a duty whether arising under a contract or otherwise; Failure to meet and obligation when due
Deficiency Judgement A personal judgement levied against the mortgagor when a foreclosure sale does not produce sufficient funds to pay the mortgage in full
Estoppel Certificate A document in which a borrower certifies the amount he or she owes on a mortgage loan and the rate of interest
Foreclosure A procedure whereby property pledged as security for a debt is sold to pay the debt in the event of a default in payments or terms
Hypothecation A pledge of property as security for a loan without giving up possession of it
Mortgage A conditional transfer or pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien
Mortgagee A lender in a mortgage loan transaction
Mortgagor A borrower who conveys his or her property as security for a loan
Note An instrument of credit given to attest a debt
Prepayment And amount paid before it is due
Real Estate Owned (REO) Property acquired by banks and other lenders through foreclosure
Satisfaction of Mortgage Lenders statement that the debt has been paid in full
Sheriff's Sale Auction of foreclosed property
Short Sale A sale in which the lender agrees to accept whatever the property brings on the open market and lift the mortgage lien so the sale can close
Subordination Agreement Lien holders agreement to give uo priority
Usury Charging interest at a rate higher than the maximum established by law
Created by: MAK89
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