Some may refer to a mortgage as a “lien,” which represents a security interest by a lender on a piece of property. Whatever is left over from the original loan amount is referred to as the existing lien. Others might refer to the mortgage as a trust deed, or deed of trust, which ...
A mortgage deed is simply the trust deed that is used to hold the title of the property. This trust deed is typically managed by the escrow company involved, although in some states lenders tend to hold the titles themselves until the mortgage is repaid. If something goes wrong with the mo...
"Mortgage" can also refer to the legal document outlining the loan terms and permitting your lender to seize the home if you don't repay the loan as agreed. In some states, this document is called a deed of trust. » MORE: How to buy a house Mortgage loans from our partners Best ...
A mortgage is a loan procured by a buyer to pay off the seller of a piece of property in full. The buyer then owes the lender the total amount borrowed, plus interest and fees. As collateral or guarantee of payment, the lender holds the deed or ownership of said property, until the ...
A mortgage is a loan procured by a buyer to pay off the seller of a piece of property in full. The buyer then owes the lender the total amount borrowed, plus interest and fees. As collateral or guarantee of payment, the lender holds the deed or ownership of said property, until the ...
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If you have a financial hardship, a mortgage modification may help you keep your home. Learn what a mortgage modification is and how to get one.
Legal Terms Similar to Mortgage Loan: a sum of money borrowed that is usually expected to be paid back with interest Lien: a legal right that allows a creditor to take possession of a property until a debt is paid off. Deed: a legal document that transfers the ownership of a property fr...
What Is a Mortgage? A mortgage is a type of loan typically issued by a bank, credit union, or online lender to purchase a property — you are essentially lent money by a financial institution. You then repay the loan, typically in monthly installments. Each installment includes the principal...
What is a Joint Mortgage? Discussion Comments By anon274661 — On Jun 12, 2012 I purchased some land three years ago and paid with a check. The seller never gave me the deed so I went to a lawyer and they did a warranty deed. I had it witnessed, notarized and recorded. Then three...