Select The Best Description Of The Mortgage Note Quizlet
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How to fill out Mortgage Note?
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FAQ
When a purchaser takes a property subject to an existing mortgage, it is important to clarify that the purchaser typically does not become personally liable for the mortgage debt. Instead, the original borrower remains liable for the mortgage. However, the new owner can face foreclosure if the mortgage payments are not made. Understanding this concept is crucial, and utilizing resources like US Legal Forms can help clarify the implications involved with taking over a mortgage.
The ownership of a mortgage and the promissory note typically lies with the lender, which can be a bank or a mortgage company. In some cases, these documents may be sold to investors in the secondary mortgage market. Understanding these relationships can clarify how your mortgage works, prompting you to select the best description of the mortgage note quizlet for better insights.