Chapter2Financing：notesandmortgages.pptVIP

Chapter 2  Financing: Notes and Mortgages  Contents Notes－Major Provisions The mortgage instrument Assumption of Mortgage Other financing sources Default Alternative to foreclosure: Workouts Foreclosure Bankruptcy I. Notes 借据/期票（相当于“抵押贷款合同”） Serves as an evidence of debt Major Provisions (I): Amount borrowed Interest rate Payment amount, number of payments Maturity date Application of payments: Default conditions and penalties Major Provisions (II) Early payments or Prepayment of outstanding balances 提前还款 A privilege not a right Generally for residential mortgage loans, highly res