mortgage
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| mortgage [2025/12/13 14:10] – created reidjs | mortgage [2025/12/13 14:41] (current) – reidjs | ||
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| ====== Mortgage ====== | ====== Mortgage ====== | ||
| - | A **mortgage** is a **voluntary lien** on real property given as **security for a loan**. | + | A **mortgage** is a **voluntary |
| ===== Key Characteristics ===== | ===== Key Characteristics ===== | ||
| * Creates a **lien**, not ownership | * Creates a **lien**, not ownership | ||
| - | * Property is pledged as **collateral** | + | * Property is pledged as **[[collateral]]** |
| * Borrower is the **mortgagor** | * Borrower is the **mortgagor** | ||
| * Lender is the **mortgagee** | * Lender is the **mortgagee** | ||
| * Must be **in writing** to be enforceable | * Must be **in writing** to be enforceable | ||
| - | * Debt is evidenced by a **promissory note** | + | * Debt is evidenced by a **[[promissory note]]** |
| ===== Mortgage vs Deed of Trust (California) ===== | ===== Mortgage vs Deed of Trust (California) ===== | ||
mortgage.1765663848.txt.gz · Last modified: by reidjs