MORTGAGE BASICS
September 10th, 2008 . by Sibb
A Mortgage involves transfer of interest in land or property for a loan or other obligation of value. Usually the transaction is conducted between two or more parties of which the transferor of interest in the land or property is called the mortgagor. The party providing the funds in exchange for a secured interest in the property is the mortgagee and is generally a financial institution or mortgage company. The mortgagee is sometime referred to as a creditor or lender in a mortgage agreement. A repayment of the loan or mortgage is done in installments that include payment of interest and principal. Failure to make payments as agreed can result in foreclosure of the mortgage. A foreclosure of the mortgage allows the mortgage to declare the entire mortgage due and payable at once.
