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How the Mortgage Foreclosure Process works

How the Mortgage Foreclosure Process works

This is a discussion on How the Mortgage Foreclosure Process works within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; The mortgage foreclosure process is different from the tax foreclosure process but is the more common one. When people are ...

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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to 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. 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.

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09-11-2008, 04:09 PM

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How the Mortgage Foreclosure Process works

The mortgage foreclosure process is different from the tax foreclosure process but is the more common one. When people are in foreclosure because they fail to pay their mortgage payments, the bank will foreclose on their home and the ...

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