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9 Cards in this Set
- Front
- Back
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Evidence of the amount and terms of a borrowers debt to a lender is provided by means of a |
Promissory note |
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A promissory note that fails to state that is is to be secured by a mortgage or deed of trust is |
An unsecured obligation of the borrower |
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Should a borrower fail to make payments when due, the lender may demand immediate payment of the entire balance under the terms of the |
Acceleration clause |
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In GA, foreclosure on a mortgage is |
Judicial |
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The clause that gives the lender the right to call in the note if the mortgaged property is sold or otherwise conveyed by the borrower is known as the |
Alienation clause |
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Who may be held responsible for mortgage loan repayment when a property is sold subject to debt |
The seller only |
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When a loan is assumed the |
seller may be released of liability through an ovation |
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For a security deed to be effective it must be |
Recorded at the county courthouse |
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The period of equitable redemption given to a borrower |
Ends when the property is sold at foreclosure |
