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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Loans are secured on your home.
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A
mortgage is a device employed to create a privilege on the
real estate by the contract. The mortgage is an instrument
that the borrower (called the mortgagor) employs to pawn the
real estate to the lender (called the secured creditor) like
safety for a debt, also called the hypothecation.
The mortgage
instrument contains two parts:
-
the
mortgage, which is the pledge
-
the
note, which is the actual evidence of the debt and promise
to repay (sometimes called a promissory note).
To protect
the lender, a mortgage is recorded in the public records creating
a lien (when there are multiple liens, order of recording
determines priority).
History
To the
right couturier, a mortgage was a transport which on its face
was absolute and gave a field in simple stronghold, but which
was in fact conditional, and are without effect so certain
conditions were joined together --- usually, but not necessarily,
the payment of a debt by the original landowner. Consequently
the word "mortgages," French of law for "dead engagement;"
i.e., it was absolute in the form and in the theory required
of no other stage to be taken by the creditor.
In much
of states of the United States, however, a mortgage was converted
by the act into device to create an interest of safety for
the ground. When the landowner does not carry out on the engagement
fixed by the mortgage, the holder of mortgage must classify
a preclusion to cause the property to be sold with the bidding,
usually by the sheriff. Since the debt of mortgage is often
the greatest debt which had by the debtor, of the banks and
other research of title of race of companies of real loan
of the real estate to make sure that the mortgage charge is
before no matter whom complaint of other.
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