FinancingEASY
New York uses which security instrument for real estate loans?
Correct Answer
B) Mortgage
New York is a mortgage (lien theory) state.
Answer Options
A
Deed of trustB
MortgageC
Land contractD
Trust deedVideo Explanation3 min
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Related Topics & Key Terms
Related Topics:
lien-theory-vs-title-theoryforeclosure-processesreal-estate-financing-optionsstate-specific-real-estate-laws
Key Terms:
mortgagelien theorydeed of trustjudicial foreclosureNew York Real Property Law
Related Concepts
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
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