If someone could explain to me in less than three sentences (one would be even better).
Thanks!
2006-12-05 11:49:55 · 8 answers · asked by Truth 2 in Politics & Government ➔ Law & Ethics
A note is a document you sign promising to pay the lender the sum borrowed, with specified interest, in installments set forth in the note. A mortgage is a document you sign pledging real property against which you have borrowed money to secure payment of the note you signed to borrow the money. If the note is not timely paid the mortgage holder may foreclose on the pledged real property to secure payment of the unpaid balance of the note. Always consult your lawyer.
2006-12-05 11:55:15 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Note Vs Mortgage
2016-10-16 22:33:42 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Note And Mortgage
2017-01-03 14:11:54 · answer #3 · answered by Anonymous · 0⤊ 1⤋
At the auction high bidder wins unless there is a reserve minimum price. They arrange terms in advance for financing. In this case they were seller financing. That made up for any shortage in the sale price. It is deemed that at an action the price paid is the highest and best price that the property will bring, so that is the value. The contract you sign is a typical real estate sale and buy contract. The home is transferred to the new buyer with the seller holding a first place on a deed of trust in deed of trust states. Therefore you are not co-owners with the seller. If there is a missed payment the home is subject to foreclosure. This makes for a cleaner process in the even of default if payments. They foreclose and it wipes the slate clean, or the 2nd or later lender has to buy it to cover their debt.
2016-03-22 17:36:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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RE:
What is the difference between a mortgage and a note? Real Estate Law?
If someone could explain to me in less than three sentences (one would be even better).
Thanks!
2015-08-09 06:44:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
A Note (Promisary Note) is you promise to pay the Mortgagor and it spells out the terms for repayment, interest rate, payments, when and where.
The Mortgage refers to the note, to Borrower, to Lender, to the Amount of the loan and is the document that gets recorded on the subject property to secure the note.
2006-12-05 11:59:21 · answer #6 · answered by Plain Jane 3 · 0⤊ 0⤋
the mortgage instrument is the chattel, or the description and assignment of the property as collateral for the loan. The note is the loan document which outlines the terms ( rate, payment amount , term) of the loan
2006-12-05 11:59:51 · answer #7 · answered by Dee 5 · 0⤊ 0⤋
please answer someone a s I also need to know
2006-12-05 11:52:02 · answer #8 · answered by likeskansas 5 · 0⤊ 0⤋