Mortgage Law

Please choose the most appropriate answer for each sentence.
  • 1

    A mortgage involves the transfer of an interest in land as security for a loan or other ......

  • 2

    Normally, a mortgage is paid in ..... that include both interest and a payment on the principle amount that was borrowed.

  • 3

    Failure to make payments results in the ..... of the mortgage.

  • 4

    This allows the mortgagee to declare that the entire mortgage debt is due and payable immediately, accomplished through an acceleration ..... in the mortgage.

  • 5

    In the case of failure to pay the debt, the most common processes to effect seizure and sale are court ..... or grants of power to the mortgagee to sell the property.

  • 6

    Under the title theory, title to the security interest ..... with the mortgagee.

  • 7

    Most states, however, follow the lien theory, under which the legal title ..... with the mortgagor.

  • 8

    Finally, the intermediate theory applies the lien theory until there is a ..... on the mortgage, whereupon the title theory applies.

  • 9

    If the mortgage is not the only lien on the property, then state law determines the ..... of the property interests.

  • 10

    The Uniform Commercial Code governs conflicts between mortgages on real property and liens on ..... (personal property attached to a piece of real estate).

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