Chapter 13 Mortgage

Question 1

borrower

Answer 1

Mortgagor

Question 2

borrower’s statement of how much remains on mortgage debt

Answer 2

Estoppel Certificate

Question 3

arrangement by which mortgage holder gives up priority

Answer 3

Subordination Agreement

Question 4

charging higher interest than is allowed by law

Answer 4

Usury

Question 5

clause ensuring that after repayment, lender has no claim on property

Answer 5

Defeasance clause

Question 6

clause stating that if property is sold, debt is immediately payable

Answer 6

Alienation Clause

Question 7

pledging of property as security without surrendering possession

Answer 7

Hypothecation

Question 8

clause stating that in case of default, the whole debt is immediately payable

Answer 8

Acceleration Clause

Question 9

court order that a borrower pay money lost by lender after foreclosure

Answer 9

Deficiency judgement

Question 10

document given to purchaser of foreclosed property

Answer 10

Sheriff’s deed

Question 11

failure to live up to any mortgage agreement

Answer 11

Default

Question 12

lender

Answer 12

mortgagee

Question 13

lender’s statement of how much remains on a debt

Answer 13

Reduction Certificate

Question 14

lender’s statement that debt has been repaid in full

Answer 14

Satisfaction of mortgage

Question 15

personal promise to repay a loan; similar to a bond

Answer 15

Note

Question 16

personal promise to repay money; similar to a note

Answer 16

Bond

Question 17

proceeding to auction foreclosed real estate

Answer 17

Sheriff’s sale

Question 18

to seize and sell property pledged for a debt

Answer 18

Foreclosure

Question 19

written pledge of real estate as a security for a loan

Answer 19

Mortgage

Question 20

lender agrees to accept sale proceeds, even if less than the debt

Answer 20

Short Sale

Question 21

property acquired by lenders

Answer 21

REO