8. Quiz

mark recently obtained a mortgage and signed a promissory note with the lender. which of the following is most likely included in mark's promissory note?

amount of the debt time and method of payment of the debt interest rate of the loan

the taking of a title to property by a grantee wherein the grantee assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, is known as?

assumption of mortgage

when is an acceleration clause typically executed?

at the sale of the property

a mortgagor is also referred to as a?

borrower

which of the following operates in the primary mortgage market?

commercial banks savings and loans credit unions

which of the following operates in the secondary mortgage market?

fannie mae freddie mac ginnie mae

a mortgagee is typically the?

lender

this occurs when monthly installment payments are insufficient to pay the interest accruing on the principal balance, so that the unpaid interest must be added to the principal due?

negative amortization

judicial foreclosure favors which of the following?

the borrower

non-judicial foreclosure favors which of the following?

the lender