Legal mechanisms used to secure the performance of obligations
This article is about the legal mechanisms used to secure the performance of obligations, including the payment of debts, with property. For loans secured by mortgages, such as residential housing loans, and lending practices or requirements, see Mortgage.
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A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien.
A mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.[1]
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than on other property (such as ships) and in some jurisdictions only land may be mortgaged. A mortgage is the standard method by which individuals and businesses can purchase real estate without the need to pay the full value immediately from their own resources. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
^Coke, Edward. Commentaries on the Laws of England. [I]f he doth not pay, then the Land which is put in pledge upon condition for the payment of the money, is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the Tenant
A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt...
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A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions...
Mortgages in English law are a method of raising capital through a loan contract. Typically with a bank, the lender/mortgagee gives money to the borrower/mortgagor...
A mortgage loan or simply mortgage (/ˈmɔːrɡɪdʒ/), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real...
mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage...
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property...
Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that...
for mortgages in the US. Along with its sister organization, the Federal National Mortgage Association (Fannie Mae), Freddie Mac buys mortgages, pools...
Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed...
United Wholesale Mortgage (UWM), formerly United Shore Financial Services, is an American wholesale mortgage lender headquartered in Pontiac, Michigan...
In a ship mortgage (common law) or ship hypothec (civil law term, covering also a maritime lien), a shipowner gives a lender (or mortgagee) a security...
Mortgage fraud refers to an intentional misstatement, misrepresentation, or omission of information relied upon by an underwriter or lender to fund, purchase...
Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. Under...
consensual security known to English law: (i) pledge; (ii) contractual lien; (iii) equitable charge and (iv) mortgage. A pledge and a contractual lien both...
Mortgage calculators are automated tools that enable users to determine the financial implications of changes in one or more variables in a mortgage financing...
A blanket mortage, or blanket loan, is a type of mortgage used to fund the purchase of more than one piece of real property. Blanket loans are popular...
lending, mortgage origination, a specialized subset of loan origination, is the process by which a lender works with a borrower to complete a mortgage transaction...
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global...
operation of law (after following a specific statutory procedure). Usually, a lender obtains a security interest from a borrower who mortgages or pledges...
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968...
discuss laws that affect housing within the context of real property, landlord–tenant law, mortgagelaw, laws that forbid housing discrimination, laws that...
problems with the mortgagelaws. According to data from the organization Stop Desahucios, part of the Platform of People Affected from Mortgage, 34% of the...
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