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.

Thursday, February 12, 2009

Decline in home legal procedures in the U.S.

The number of procedures for real estate fell 10% in January compared to December, but is still 18% higher than in January 2008, said Thursday the firm RealtyTrac.

With 274 399 procedures undertaken, it is 1 home for 466 on average that is affected by notifications of delays, announcements of auctions or seized by creditors, calculates RealtyTrac, which also notes that it is the 37th month in a row that this number is rising compared to the previous year. This downward number is probably due to the measures taken in recent weeks to protect homeowners in distress, "particularly the moratorium proposed by (organizations refinancing mortgage) Fannie Mae and Freddie Mac, which is extended until the end of January, and the freezing of entry procedures imposed in Florida," according to the RealtyTrac CEO James Saccacio.

Once again California is leading the number of procedures undertaken (one in 173 homes affected, 76 761 procedures, -14% in one month, 34% raise in one year).

Nevada is in first position proportionately and fifth gross (one in 76, 14 444 procedures, -4% in one month, 137% a year), with the Greater Las Vegas second national .

Arizona is third both in gross terms as a proportion (one in 182 homes affected, 14 674 procedures).

Florida ranks fourth in proportion, second in gross terms, despite a decline of 20% in one month, with a seizure started in a home on 214 (40 770 in total).

The other States affected proportionally by the Oregon seizures, followed by Illinois, which grew 16% in a month, Michigan, Georgia, Idaho and Ohio.

Among the ten cities most affected, six are in California, led by Merced (housing on 59 affected), two are in Florida and two in Nevada.

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