Feb 23 - 2/23 Relationship btwn lender and borrower-mortgagee and mortgager lender gives money-borrower gives mortgage and promissory note

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2/23 Relationship btwn lender and borrower -mortgagee and mortgager - lender gives money -borrower gives mortgage and promissory note Mortgage -Terms and conditions -Rights and obligations -Mortgager pledges property as security collateral for loan -contingent claim- mortgagee -contingent on borrowers performance on paying loan -lender has option to foreclose property in lieu of debt if payment is not made -judicial foreclosure -lender usually gives grace period, only forecloses as last resort -Gives public/constructive notice of lenders interest in property -Establishes priority of claim among mortgages -paid off in order of time when they recorded their mortgage -ex.-see notes -Promissory note- details of the financing -not recorded in public records- private -only borrower and lender have a copy -contains borrowers personal pledge that they will make good on debt out of personal assets if necessary -ex.- if sold at auction and not enough to cover debt (land value decreases) -deficiency judgment- only awarded if borrower can pay loan
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This note was uploaded on 04/14/2008 for the course RE 3405 taught by Professor Delaney during the Spring '08 term at Baylor.

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Feb 23 - 2/23 Relationship btwn lender and borrower-mortgagee and mortgager lender gives money-borrower gives mortgage and promissory note

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