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 11, 2008

Mortgage help for borrowers

Countrywide would expands scope: The plan would offer loan modifications for both fixed and adjustable loans and to borrowers who are already behind.

Countrywide Financial says it will expand programs to help borrowers handle their mortgage payments regardless of the type of loan they have or whether they have already fallen behind on payments.

More information on CNN

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