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| A note that proves there is debt between a borrower and a lender. A mortgage is like a security for the note. A mortgage shows the obligation and reinforces terms of the note. |
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| evidence that debt exists between a borrower and a lender. Contains terms which the loan must be repaid and rights and responsibilities of both parties. |
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| promises, duties, and responsibilities of borrower, in addition to payments required under terms of note. |
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| A first mortgage holder agrees to make its mortgage junior in priority to the mortgage of another lender. |
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| Assumption of the Mortgage |
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Definition
| buy a property, does the mortgage stay with it for the same conditions? |
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| A grantee may take title "subject to" the mortgage when they sell the property if they can afford it or have other benefits of paying still. |
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| Type of option. Seller retains title, buyer makes periodic payments to seller. Build equity in property as the tenant. |
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Definition
| extends maturity of mortgage. (restructuring of loan) |
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| You default, but sell property for less than market value and give total to bank instead of a foreclosure. |
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Definition
| You go in foreclosure, but later have enough money to buy property back |
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| Available to business owners, cramdown, reorganization. Typical |
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Definition
| A loan made by a borrower to purchase real estate with an existing property and improvement. |
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