Chapter 6 Flashcards
after a foreclosure sale
foreclosed mortgager has entitlement to proceeds in excess of unpaid balance of the loan
a mortgage in ma is
a lien, an encumbrance, and a recordable legal document
a mortgager with a direct reduction loan will
make equal monthly payments for the term of the loan
advantages of an fha loan are
lower down payment, lower interest rate, enables young married couples to by a home
the sale of property by foreclosure
terminates a listing of the property with the broker
liquidation of a debt by periodic installments is
amortization
a mortgage where the mortgagee retains title until the mortgage is paid off is considered a
title theory mortgage
a mortgage deed includes the right
for the mortgagor to redeem tile when mortgage is discharged
default can be claimed against a mortgagor for
removing improvements, failing to keep properly insured, failing to keep property in good repair, and removing improvements
a federal saving and loan association must insure deposits up to
$100,000
an institutional lender includes
savings and loan association, commercial banks, credit unions
a conventional mortgage may be a
commercial loan
a seller who takes back a mortgage as part of the purchase price with a buyer who obtains a 1st mortgage
a purchase money mortgage
a mortgage which may be increased by subsequent advances of principal which do not exceed the the original loan is called
an open end mortgage
a mortgage in which the lender assumes payment of an existing mortgage and gives a new and larger mortgage is
a wrap-around mortgage
