Archive for April, 2008
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Basic concepts and legal regulation of home finance and mortgages:
According to property law, a mortgage is a lona that occurs when an owner pledges his interest in a particular property as a collateral for an additional loan. The mortgage is an encumbrance on the property. Like other types of loans, mortgages also have an interest rate pre determined and agreed upon and are […]
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Deed of Trust
The deed of trust is an arrangement made by the borrower to a trustee, with the sole purpose of securing the debt. In most countries, the deed of trust generates or creates a lien on the title. The deed is not a title transfer, regardless of its terms. It is distinctly different from a […]
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History of Mortgage or home finance:
Previously a mortgage was a conveyance of land which was conditional and of no effect if certain conditions were met. The word mortgage was a legal term in French meaning dead pledge, where the debt was absolute and dependent on its repayment. In the case of real estate, a mortgage debt remained in effect […]
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Types of legal mortgage
Mortgage by demise and by legal charge are the two legally recognized mortgages. In the former, the creditor automatically becomes the owner of the mortgaged property till the loan is completely repaid. The conveyance of the property to the creditor is handled under the condition that the property will be returned on redemption of […]
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Participants in mortgage or home finance:
Mortgage and home finance, first or second, is extended under a complicated legal exchange. The conveyance of the property involves the participation of many participants, main and secondary, for the required legal representation. The terminology used to identify these participants in a mortgage or home finance could vary with legal jurisdiction; for example, the […]