Match the terms with their descriptions:
-Mortgage assumption
A) Agreement by a new owner of real property to pay the former owner's mortgage
B) Alternative to a mortgage
C) Clause in a mortgage causing the entire balance of the loan to become due when a default occurs
D) Mortgage subject to a prior mortgage
E) Under this theory, a mortgage is viewed as a lien against the property
F) Mortgage under which payments increase gradually over the life of the loan
G) Statutory right to redeem the property even after a foreclosure sale
H) Deed releasing property from an encumbrance
I) Person borrowing money and giving a mortgage to the lender
J) Clause in a mortgage allowing the mortgagee to hold a foreclosure sale without involving the court when a default occurs
Correct Answer:
Verified
Q53: Match the terms with their descriptions:
-Graduated-payment mortgage
A)
Q54: Match the terms with their descriptions:
-Lien theory
A)
Q55: Match the terms with their descriptions:
-Junior mortgage
A)
Q56: Match the terms with their descriptions:
-Right of
Q57: Match the terms with their descriptions:
-Acceleration clause
A)
Q59: Discuss two prevailing mortgage theories.
Q60: Define a mortgage. Identify common types of
Q61: Define a deed of trust and identify
Q62: Sarah and Julia are looking for mortgages.
Q63: George defaulted on his mortgage payments, and
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