Distinguish between a mortgage and a note. What does default mean? Does it occur only when borrowers fail to make scheduled loan payments? What is meant by mortgage foreclosure, and what alternatives are there to such action? What does it mean when a lender accelerates on a note? What is meant by forbearance? What does "nonrecourse" financing mean? What is a land contract? How can mechanics' liens achieve priority over first mortgages that were recorded prior to the mechanics' lien? What is the difference between equity of redemption and statutory redemption? What is a deficiency judgment and how is its value to a lender affected by the Bankruptcy Code