Why does a mortgage transaction have both a note and a mortgage?
Staff Q&A from the 63Hours team.
Course Q&A
Ask clear questions about the Florida real estate course and learn from course-specific answers.
This question has been flagged
1
Reply
0
Views
They perform different jobs. The promissory note records the promise to repay the debt. The mortgage pledges the property as security for that obligation. The course separates the debt from the collateral for a reason: a question asking about personal repayment responsibility is not asking the same thing as one about the lien on the property.
Enjoying the discussion? Don't just read, join in!
Create an account today to enjoy exclusive features and engage with our awesome community!
Sign up| Related Posts | Replies | Views | Activity | |
|---|---|---|---|---|
|
|
1
Sep 26
|
0 | ||
|
|
1
Sep 26
|
1 | ||
|
1
Sep 26
|
0 | ||
|
|
1
Sep 26
|
0 | ||
|
|
1
Sep 26
|
0 |
Discussion prompt: Does the question ask about the debt or the collateral securing it?