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Mortgage Modifications - Good Idea, Not Very Effective?

Mortgage Modifications - Good Idea, Not Very Effective?

This is a discussion on Mortgage Modifications - Good Idea, Not Very Effective? within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; Many home owners have multiple bmortgages/b, and there’s no way for one bmortgage/b holder to force the other bmortgage/b holders ...

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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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11-18-2008, 02:40 PM

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Mortgage Modifications - Good Idea, Not Very Effective?

Many home owners have multiple bmortgages/b, and there’s no way for one bmortgage/b holder to force the other bmortgage/b holders to simultaneously modify their terms. (Bryan’s Interpretation: If Lender A and Lender B both have a bmortgage/b b.../b

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