The focus of Chapter 9 is the mortgage note as related to a promissory note. Please...
The focus of Chapter 9 is the mortgage note as related to a promissory note. Please explain your understanding of the exact nature of the promissory note. What exactly is a mortgage and what purpose, if any, does the mortgage play in this process. MAKE SURE THAT YOUR ANSWER INCLUDES THE LEGAL CONCEPT KNOWN AS “LIEN THEORY.”
Homework Answers
Promissory note is the declaration or statement by party to the other in agreement to pay a sum under specified conditions of the agreement. Promissory note is actually a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.
On similar lines, a Mortgage Note or a real estate lien note is a
promissory note secured by a specified mortgage loan and are a
written promise to repay a specified sum of money plus interest at
a specified rate and length of time to fulfill the promise.
As per the Lien Theory, the property financed upon Mortgage acts as
security for the underlying Mortgage loan. The document that places
the lien on the property is called a mortgage.
So the Mortgage document acts as a promissory note to the Mortgage
Lender to take the possession & Entitlements of the property
upon the default made by the borrower. Mortgage Note serves as a
written promise by the Borrower (currently in possession of the
property) to transfer the possession & Entitlements of the
property he holds, once the repayments are defaulted.
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