TECHNOFY_AIJAZ
Joined: 06 Jun 2006
Posts: 2
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| Posted: Tue Jun 06, 2006 10:32 am Post subject: MORTGAGE |
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1.A temporary conditional pledge of a property to a creditor as security for performance of an obligation or repayment of a debt.
2.A contract or deed specifying the terms of a mortgage.
3.A claim of a mortgage on a mortgage property. HUH?
4.A legal agreement that creates an interest in real estate between a borrower or a lender.It is commonly used in purchasing homes,*****where one uses his life income to the house as a security for unpaid loan or debt. Life income? HUH? did you read what you were cutting and pasting?
A legal document by which the owner (buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note. When the debt is repaid, the mortgage is discharged, and a satisfaction of mortgage is recorded with the register or recorder of deeds in the county where the mortgage was recorded. Because most people cannot afford to buy real estate with cash, nearly every real estate transaction involves a mortgage.
The party borrowing the money and giving the mortgage (the debtor) is the mortgagor; the party paying the money and receiving the mortgage (the lender) is the mortgagee. Under early English and U.S. law, the mortgage was treated as a complete transfer of title from the borrower to the lender. The lender was entitled not only to payments of interest on the debt but also to the rents and profits of the real estate. This meant that as far as the borrower was concerned, the real estate was of no value, that is, "dead," until the debt was paid in full— hence the Norman-English name "mort" (dead), "gage" (pledge).
The mortgage must be executed according to the formalities required by the laws of the state where the property is located. It must describe the real estate and be signed by all owners, including nonowner spouses if the property is a homestead.
****Some states require witnesses as well as acknowledgement before a notary public. Well, all lenders require a notary to witness the signing! (if they really want the I's dotted and the T's crossed!)
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And your point????
Besides SPAMMING THE BOARD and making me remove your links?
chow
This is too easy. Next! :roll: :lol: :lol: :lol: |
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