Definition of Mortgage . Home. Law Dictionary. Advertisement.. The foregoing definitions are applicable to the common-law conception of a mortgage. But in many states in modern times, it is regarded as a mere lien, and not as creating a title or estate. It is a pledge or security of particniar property for the payment of a debt or the. Mortgage Law and Legal Definition A Mortgage is a pledge of real property to a creditor as security for the repayment of a debt involving the property. For example, if you have borrowed money to purchase a house, the entity you’ve borrowed the money from can take ownership of the home should you default on payments.
Purchase-money mortgage. A mortgage given, concurrently with a conveyance of land, by the vendee to the vendor, on the same land, to secure the unpaid balance of the purchase price. See Baker v. Clepper, 26 Tex. 629, 84 Am. Dec. 591. Tacit mortgage. In Louisiana. The same as a “legal mortgage.” See supra. Welsh mortgage. In English law.
Mortgage definition law. A mortgage is a debt instrument that the borrower is obliged to pay back with a predetermined set of payments. Mortgage enforcement is a form of real estate law that is in place to ensure that the terms of a mortgage contract are upheld. Mortgages have been a staple in contemporary settings, both socially and financially. If it weren’t for mortgage enforcement law, mortgages would become irrelevant as a dominant driving force within our economy. A mortgage is a legal instrument which is used to create a security interest in real property held by a lender as a security for a debt, usually a loan of money. 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.
History. Like many aspects of English law, the law relating to mortgages is closely tied up with its historical development. Mortgages have existed in English law since the 12th century, but early English mortgages were largely shaped by usury laws. At the time charging interest was both against the law, and a sin. Accordingly, upon the grant of a mortgage, the mortgagee would into possession. Legal mortgage is that which is created by operation of law: this is also called tacit mortgage, because it is established by the law, without the aid of any agreement. Art. 3279. A few examples will show the nature of this mortgage. Mortgage of Goods. A mortgage of goods is distinguishable from a mere pawn. By a grant or conveyance of goods in gage or mortgage, the whole legal title passes conditionally to the mortgagee, and if not redeemed at the time stipulated, the title becomes absolute at law, though equity will interfere to compel a redemption.
Definition of mortgage: A legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a loan.. the mortgage must be for a definite period, and the mortgagor must have the right of redemption on payment of the debt on or before the end of that. Net Mortgage Rate means with respect to any Mortgage Loan or REO Loan, as of any date of determination, a rate per annum equal to the related Mortgage Rate then in effect, minus the Administrative Cost Rate; provided, however, that for purposes of calculating Pass-Through Rates, the Net Mortgage Rate for any Mortgage Loan will be determined without regard to any modification, waiver or. Mortgage definition, a conveyance of an interest in real property as security for the repayment of money borrowed to buy the property; a lien or claim on property such that the lender can take possession if the loan is not repaid. See more.
Mortgage definition is – a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. How to use mortgage in a sentence. Mortgage mortgage n [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] Mortgage Law – Definition. A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt.
A mortgage is recorded in the office of a county clerk, in an index, typically bearing a volume or page number. The reference to where the mortgage was recorded should include the date of recording, volume, page number, and county of recording. A description of the property. mort·gage (môr′gĭj) n. 1. A loan for the purchase of real property, secured by a lien on the property. 2. The document specifying the terms and conditions of the repayment of such a loan. 3. The repayment obligation associated with such a loan: a family who cannot afford their mortgage. 4. The right to payment associated with such a loan: a bank. General Mortgage Law and Legal Definition A general mortgage is a document in which the owner uses the title to real property as security for a loan described in a promissory note. The mortgage must be signed by the owner (borrower/mortgagor), acknowledged before a notary public, and recorded with the County Recorder or Recorder of Deeds.
Mortgage Law: An Overview. A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land. A legal mortgage is the most secure and comprehensive form of security interest. It transfers legal title to the Mortgagee and prevents the mortgagor from dealing with the mortgaged asset while it is subject to the mortgage. However, legislation has affected the characteristics of a legal mortgage over land. Definition of MORTGAGE LAW in the Definitions.net dictionary. Meaning of MORTGAGE LAW. What does MORTGAGE LAW mean? Information and translations of MORTGAGE LAW in the most comprehensive dictionary definitions resource on the web.
Mortgage Law & Lawyers in Pakistan. Mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability. Get the Mortgage legal definition, cases associated with Mortgage, and legal term concepts defined by real attorneys. Mortgage explained. Mortgage: Definition, Characteristics, Different Types of Mortgage A mortgage is the transfer of an interest in the specific immovable property to secure the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability.
Property Law: Mortgage Defaults. By Alan R. Romero . If the mortgagor defaults, the mortgagee can foreclose, meaning the mortgagee can sell the mortgaged property and keep as much of the proceeds as needed to pay off the mortgagor’s debt. The mortgagee may initiate a judicial action to have a public official sell the property at auction.