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FAQ

1. What is a Mortgage?

 

A loan secured against real property. The property is used as collateral in the event of the borrower defaulting.

 

 

 

2. What is the difference between a First and Second lien mortgage?

 

The difference is the priority in which they get paid. First mortgages need to be paid off completely before a second mortgage gets paid.

 

 

 

3. How do I know if a mortgage really exists?

 

This is public information. You can check county records to see if a property has a mortgage on it.

 

 

 

4. How do mortgages get traded?

 

Mortgages are traded through an 'Assignment of Mortgage'. This essentially assigns all rights of the mortgage to the buyer of a mortgage note.

 

 

 

5. What is a Note?

 

A note specifies the terms of the loan and the responsibilities of the borrower. It also states what can happen in the event of default.

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