Homeowner Education

The latest news, tips, and tricks for homeowners

Notice of Default

If a borrower falls behind on his mortgage payments, the mortgage lender might file a notice of default, which is an official public notice that

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Nonrecourse Loan

A nonrecourse loan, also known as nonrecourse debt or nonrecourse plan, is one that is secured by collateral. Nonrecourse loans are frequently a type of

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Note

A note, also known as a promissory note, is a legal debt instrument where one party makes a promise in writing to pay a certain

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Mortgage Note

A Mortgage Note states the amount of debt and the rate of interest, and obligates the borrower, who signs the note, personally responsible for repayment.

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Mortgagor

A mortgagor is the person who borrows money to finance the purchase of real estate using the value of the property as collateral for the

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Mortgage Lien

A mortgage lien is a form of conditional ownership of your property claimed by your home loan provider. Since your lender has a claim on

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