Explain the relationship and purpose of a promissory note

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Reference no: EM131315007

1. What procedure is used in your state to handle a pledge of collateral for a mortgage loan?

2. Explain the relationship and purpose of a promissory note and the two primary forms of security instruments.

3. In a foreclosure, how are priorities determined among lien claimants on the collateral property?

4. What is the underlying purpose of requiring a borrower to escrow money each month for the payment of property taxes?

Reference no: EM131315007

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