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Is a mortgage the answer to your real estate goals? If you've been wondering what mortgages are used for, they are generally the means by which a loan creates a lien on real property. Many use the term mortgage to refer to both the loan note and mortgage. The mortgage note may be a separate loan document from the mortgage document itself. Mortgage forms can also contain the note and mortgage in the same form. The mortgage form does not create the loan, it creates the security interest in real property in case the loan isn't repaid. The mortgage agrees to use the property title as security for the loan. The term mortgage loan is used to refer to a loan that is backed by a security interest created in mortgage documents.
When mortgages wind up in foreclosure for default on the loan contract, the deed to the property can transfer to the lender. How to mortgage isn't complicated. A private mortgage may be created when individuals loan money, sometimes called a purchase money mortgage, seller financing, or owner financing. Mortgage documents are also created by commercial mortgage lenders and agencies like Fannie Mae. US Legal Forms offers numerous professional mortgage documents, such as mortgage release, partial release, mortgage satisfaction, private mortgage, estoppel certificate, mortgage assignment, mortgage modification, second mortgage, promissory note, and many other mortgage forms.
Assignment of Mortgage - a mortgage assignment transfers the mortgage from the original lender to a third party.
Assumption of Mortgage - mortgage assumption occurs when another takes over the loan payments of the borrower.
Balloon mortgage - a balloon mortgage calls for a large final payment at the end of the loan term.
Mortgage Modification - a modification of mortgage may be agreed to by the lender to prevent foreclosure.
Release Of Mortgage - a mortgage release is filed after the loan is repaid to clear the title to the property. Also called a discharge of mortgage. A partial release may be requested when multiple property units are secured by a mortgage.
Second Mortgage - a second mortgage is additional financing based on the equity of the borrower in the property.
Mortgage Deed - a mortgage deed is also called a deed of trust or trustee's deed. The lender's trustee holds the deed until the loan is repaid before transferring the deed to the buyer.
Estoppel Certificate - an estoppel certificate is used by the lender to ensure a tenant won't withhold payments due to claims against a landlord.
Other related mortgage forms include:
How to mortgage isn't difficult. US Legal Forms offers a private mortgage form for creating a purchase money mortgage contract. Our purchase money mortgage documents are easy to download and fill in. The promissory note, sometimes called the mortgage note, creates the loan contract, while the private mortgage allows the property title to be used as security for payment of the promissory note. The term private mortgage is often used to refer to the note and mortgage. A mortgage deed, also called a deed of trust or trustee's deed, is used to keep the deed with the lender's trustee. When the mortgage note is fully paid, a deed of reconveyance transfers the deed to the buyer.
A discharge of mortgage, also called a release of mortgage or satisfaction of mortgage, is a form filed with the county land recorder. The lender is obligated to file a mortgage satisfaction or mortgage release form within the time specified by state statutes. US Legal Forms offers forms to compel the lender to file a discharge of mortgage and deed of reconveyance. A partial release is possible when mortgages cover multiple units of property.
A balloon mortgage refers to a mortgage note that calls for smaller payments at regular intervals and a large payment at the end of the loan term. It may also be called a balloon note.
Assignment of mortgage transfers the mortgage from the original lender or borrower to a third party. Mortgage assignment has created confusion in the foreclosure process and sometimes makes locating the mortgage documents and mortgage note difficult. When there has been more than one assignment of mortgage, inability to produce the note and mortgage in court has been raised as a defense to foreclosure.
Usually, mortgage assignment is a transfer of the mortgage lien by the lender. Mortgage assumption typically refers to a transfer of the original borrower's payment obligation to a third party.
A second mortgage is a security lien created based on a loan contract secured by the borrower's equity in the property. Second mortgages take junior priority to original mortgages.
Yes, we offer a HAMP loan modification package, as well as individual loan modification forms.
Sample mortgage forms offered, among others, include: