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Wednesday, April 23rd, 2008 Subscribe To Our Feed

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According to Wikipedia: A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
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Mortgagee is the legal term for the mortgage lender. A mortgage accomplishes this security.
The lender loans the money and registers the mortgage against the title to the property. The borrower gives the lender the mortgage as security for the loan, receives the funds, makes the required payments and maintains possession of the property. The borrower has the right to have the mortgage discharged from the title once the debt is paid.
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Mortgagor is the legal term for the borrower, who owes the obligation secured by the mortgage, and may be multiple parties.
Legal aspects
There are essentially two types of legal mortgage.
Mortgage by demise
In a mortgage by demise, the cror becomes the owner of the mortgaged property until the loan is repaid in full (known as “redemption”).
Mortgage by legal charge
To protect the lender, a mortgage by legal charge is usually recorded in a public register. Since mortgage debt is often the largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property to make certain that there are no mortgages already registered on the debtor’s property which might have higher priority. Tax liens, in some cases, will come ahead of mortgages. In Scotland, the mortgage by legal charge is also known as standard security.
It is also known as Registered Mortgage. Equitable Mortgage
The mortgage debt remained in effect whether or not the land could successfully produce enough income to repay the debt. In most jurisdictions, a lender may foreclose on the mortgaged property if certain conditions—principally, non-payment of the mortgage loan—apply. In some jurisdictions, mortgage loans are non-recourse loans: if the funds recouped from sale of the mortgaged property are insufficient to cover the outstanding debt, the lender may not have recourse to the borrower after foreclosure.
Mortgages in the United States
Types of Mortgage Instruments
Two types of mortgage instruments are commonly used in the United States: the mortgage (sometimes called a mortgage deed) and the deed of trust.3
The mortgage
In all but a few states, a mortgage creates a lien on the title to the mortgaged property.
The deed of trust
Most “mortgages” in California are actually deeds of trust.5
Mortgage lien priority
Except in those few states in the United States that adhere to the title theory of mortgages,6 either a mortgage or a deed of trust will create a mortgage lien upon the title to the real property being mortgaged. 8 Liens that have attached to the title before the mortgage lien are said to be senior to, or prior to, the mortgage lien. If there are multiple mortgage liens on the title to a property and the loan secured by a first mortgage is paid off, the second mortgage lien will move up in priority and become the new first mortgage lien on the title.