Final answer:
A mortgage lien cannot be enforced with only one document signed; both a promissory note and a deed of trust must be signed to secure a property as collateral and enforce a lien.
Step-by-step explanation:
In the context of home loans, both a promissory note and a deed of trust or mortgage are often involved in the process. The promissory note is a document that evidences the debt and contains a written promise to repay the loan according to its terms. It lays out the loan amount, interest rate, payment schedule, and terms in case of default. A deed of trust (or mortgage), on the other hand, is a document that creates a security interest in the property, which allows for a mortgage lien to be placed against the property.
The answer to whether a mortgage lien can be enforced if only one document is signed is c) No, both documents must be signed. The promissory note without a mortgage or deed of trust does not secure the property as collateral against the loan. Likewise, a deed of trust without the corresponding promissory note may lack the necessary evidence of the debt obligation. Both documents serve to complement each other; the promissory note establishes the debt, while the deed of trust secures that debt with the property in question. Without both documents, the lender’s ability to foreclose on the property in the event of default may be compromised.