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Definition
clause stating that in case of default, the whole debt is immediately payable
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clause stating that if property is sold, debt is immediately payable
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Definition
personal promise to repay money; similar to a note
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Definition
failure to live up to any part of a mortgage agreement
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Definition
clause ensuring that after repayment, lender has no claim on property
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borrower’s statement of how much remains on mortgage debt
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Definition
to seize and sell property pledged for a debt
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Definition
pledging of property as security without surrendering possession
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Definition
court order that borrower pay money lost by lender after foreclosure
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Term
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Definition
written pledge of real estate as security for a loan
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Definition
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Term
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Definition
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Term
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Definition
personal promise to repay a loan; similar to a bond
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Term
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Definition
lender’s statement of how much remains on a debt
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Term
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Definition
property acquired by lenders
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Term
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Definition
lender’s statement that debt has been repaid in full
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Term
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Definition
document given to purchaser of foreclosed property
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Definition
proceeding to auction foreclosed real estate
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Definition
lender agrees to accept sale proceeds, even if less than the debt
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Definition
arrangement by which mortgage holder gives up priority
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Term
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Definition
charging higher interest than is allowed by law
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