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Mortgage program targets foreclosures

Mortgage program targets foreclosures

This is a discussion on Mortgage program targets foreclosures within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; The government kicked off a program Wednesday that aims to prevent foreclosures by letting an estimated 400000 troubled homeowners swap ...

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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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10-02-2008, 01:31 PM

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Mortgage program targets foreclosures

The government kicked off a program Wednesday that aims to prevent foreclosures by letting an estimated 400000 troubled homeowners swap their mortgages for more affordable loans.

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foreclosures, mortgage, program, targets

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