Distinguish between a mortgage and a note
A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage.
The mortgage is a legal document that ties or “secures” a piece of real estate to an obligation to repay money.
What does it mean when a lender accelerates on a note?
An acceleration clause allows the lender to require payment before the standard terms of the loan expire
Can borrowers pay off part, or all, of loans any time that they desire?
No
What does “nonrecourse” financing mean?
It’s a type of commercial lending that entitles the lender to repayment only from the profits of the projects the loan is funding and not from any other assets of the borrower.
What does deficiency judgment mean
It is a court ruling against a debtor who is in default on a secured loan
Last changed2 years ago