In Florida, what are the two documents that together create a mortgage loan?

The promissory note (the personal promise to repay the debt) and the mortgage (the security instrument that pledges the property as collateral).

What is the legal term for the borrower who pledges property as collateral in a Florida mortgage?

The mortgagor is the borrower who pledges the property. The lender who receives the pledge is called the mortgagee.

What legal theory does Florida follow regarding who holds title during the term of a mortgage?

Florida follows the lien theory, meaning the borrower retains title to the property while the lender holds a lien as security for the debt.

What is the acceleration clause in a mortgage, and when does it apply?

An acceleration clause allows the lender to demand the entire remaining loan balance immediately upon borrower default, making the full debt due at once.

What is a deficiency judgment in the context of mortgage foreclosure?

A deficiency judgment is a court order requiring the borrower to pay the remaining debt if the foreclosure sale proceeds do not fully satisfy the outstanding loan balance.

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