Finance
Which of the following documents creates a borrower's personal obligation to repay a mortgage loan?
AMortgage (security instrument)
BPromissory note✓ Correct
CDeed of conveyance
DTitle insurance policy
Explanation
The promissory note is the borrower's personal promise to repay the debt. The mortgage pledges the property as security. If the borrower defaults, the lender can foreclose on the property (mortgage) and sue the borrower personally (note).
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