Mortgage, loan and property. What is a mortgage?


A mortgage is putting a property as a guarantee to a lender as a security for a mortgage loan.

While a mortgage in itself is not a liability or a dept, it is evidence of a debt. It is a transfer of an interest in property, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the property when the terms of the mortgage have been satisfied or concluded.

In other words, the mortgage is a guarantee for the loan that the lender makes to the borrower. In all but a very few states, a mortgage creates a lien on the title to the mortgaged property.

Monday, February 18, 2008

Countrywide Financial will expand programs to help borrowers manage their mortgage payments

Countrywide Financial will expand its scope of mortgage help. The plan would propose loan changes for both fixed and adjustable loans and to borrowers who've already fallen behind.

Regardless of the type of subprime loan the borrowers have or whether they have already fallen behind on payments, the borrowers would be eligible.

Full details will be disclosed later today. More information on CNN.money

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