Larson Unit 7

a theory that a morgage is a conveyance of title

an instrument that establishes a promise to repay a debt

a contract that pledges real property as security for replayment of a debt

the mortgage clause in which the mortgagee agrees to step down in priority to a subsequent mortgage

the mortgage clause stating that upon full performance by the mortgagor the lien will be defeated

the certificate given by the morgagee to an assignee that verifies the current unpaid balance

the mortgage clause that allows the lender to call the entire balance due in full in the event of default by the mortgagor

the mortgagor's right to cure the default and stop the foreclosure sale

the document conveying the foreclosed mortgagor's interest to the holder of the certificate of sale

the maximum percentage of value the lender will loan

charges by the lender, computed as a percentage of the amount borrowed, to increase the lenders yield

the difference between current market value and current debt

a final lump-sum payment that is larger than previous payments

a mortgage in which payments include PITI

a mortgage in which the interest rate is subject to change

a mortgage that pledges both real and personal property

a mortgage that pledges more than one parcel of real estate and should include a partial release provision

the process by which lenders analyze the risk associated with a loan