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Financial Instruments

Created by Marty Baum
Across
A judgement that occurs when the foreclosure sale of a property produces less than the balance owed on the loan.
A clause that means once the loan is paid in full, the mortgage or deed of trust becomes void and all collateral and other security must be returned to the borrower
A penalty to the borrower when paying off the loan early.
This instrument is similar to a mortgage with the major difference being three parties instead of two. This is known as a Deed of ___________
Pledging property as collateral without giving up possession
The borrower in a mortgage
This is the borrower in a deed of trust
Lender in a deed of trust
A clause in a loan that means once the property is sold the note must be paid in full
The act of acquiring title to property that has an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage
Replacing one party to an existing contract with a new party and releasing the first party of all liability
A charge for using money
A certificate of no defense
Down
The debt instrument which creates the unconditional guarantee to pay back the loan and contains all the terms of the loan is a promissory _________
The rate of return the lender makes on providing the loan which is stated as percentage of the amount invested
The legal process where a property is pledged as collateral is sold to satisfy the debt
A clause in a loan document that means upon default the entire loan balance is due
An illegal amount of interest being charged
Neutral 3rd party in a deed of trust
The lender in a mortgage
An upfront fee charged by a lender to increase their yield is known as discount ________
This type of title refers to a person's right to obtain full ownership of a property or property interest
A voluntary and specific lien between two parties that creates the security for a debt.