Posted by Nate on February 22, 2001 at 15:20:20:
In layman’s terms, the promissory note promises that you will pay a certain amount of money, with interest, to someone else (the lender). The mortgage (or deed of trust, in some states), is the instrument in which you pledge property as security for the promissory note, and agree that if you go into default on the note, the property can be taken (foreclosure).
NT