Modern Real Estate Practice in Illinois

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Modern Real Estate Practice in Illinois Chapter 15: Real Estate Financing: Principles

© 2008 Dearborn Real Estate Education Mortgage Law A mortgage is a voluntary lien on real estate Title-theory states Mortgagor gives legal title to mortgagee and retains equitable title Lien-theory states Mortgagor retains legal and equitable title; mortgagee has a lien on the property as security for the mortgage debt Intermediate-theory states Mortgage and deeds of trust convey only qualified title to lender as security for loan during existence of the debt © 2008 Dearborn Real Estate Education

© 2008 Dearborn Real Estate Education Security and Debt Mortgage Loan Instruments Promissory note is borrower’s promise to repay debt Mortgage (security instrument) creates lien on the property Hypothecation Deeds of trust © 2008 Dearborn Real Estate Education

© 2008 Dearborn Real Estate Education Provisions of the Note A promissory note is the borrower’s promise to pay. It is the primary evidence of debt Interest Usury Loan origination fee Discount points Prepayment © 2008 Dearborn Real Estate Education

Provisions of the Mortgage Document or Deed of Trust Duties of the Mortgagor or Trustor Provisions for Default Assignment of the Mortgage Release of the Mortgage Lien © 2008 Dearborn Real Estate Education

Provisions of the Mortgage Document or Deed of Trust Tax and Insurance Reserves Flood insurance reserves Assignment of Rents Buying “Subject to” or “Assuming” Existing Financing (Mortgage or Deed of Trust) Alienation Clause © 2008 Dearborn Real Estate Education

Provisions of the Mortgage Document or Deed of Trust Recording a Mortgage or Deed of Trust Priority of a Mortgage or Deed of Trust © 2008 Dearborn Real Estate Education

Provisions of Land Contracts Installment Land Contract Buyer (vendee) agrees to make a down payment and a monthly loan payment that includes interest and principal directly to seller Seller (vendor) retains legal title to the property during contract term, and the buyer is granted equitable title and possession Once entire debt is paid, the seller delivers the title © 2008 Dearborn Real Estate Education

© 2008 Dearborn Real Estate Education Foreclosure Methods of foreclosure Nonjudicial foreclosure Judicial foreclosure Strict foreclosure Deed in lieu of foreclosure Redemption Deficiency judgment © 2008 Dearborn Real Estate Education