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Questions and Answers
Question 2-1 Distinguish between a mortgage and a ______.
note
A note admits the debt and generally makes the borrower personally liable for the obligation. A ______ is usually a separate document which pledges the designated property as security for the debt.
mortgage
Question 2-2 What does it mean when a lender ______.
accelerates
What is meant by ______.
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The acceleration clause gives the lender the right or option to demand the loan balance owed if a default occurs. ______ by the lender allows the borrower time to cure a deficiency without the lender giving up the right to foreclose at a future time.
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