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by poseypat on September 10th, 2007
There are two parts of a mortgage: the note, which is for all intents and purposes, an IOU, and the mortgage that puts your property up as collateral for the note. If you have someone who is willing to loan you money either to purchase property or you are going to put your property up as collateral for that loan, you need to have the note and mortgage drawn up by a lawyer and both the mortgagor and the mortgagee signs both. There are probably forms you can find and order online, however make sure both you and the person loaning you the money know every term that is spelled out in the mortgage.
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by Answerbag Staff on February 25th, 2011
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