Wednesday, January 02, 2008

Mortgages and Foreclosures

Mortgage is part and parcel of home buying. It is a method of using property (real or personal) as security for the performance of an obligation, usually the payment of a debt. There are many different types of mortgage rates, whether fixed rate or adjustable rate mortgage depending on your needs and type of property. Different companies also allow for the flexibility of refinancing in the case that you are not able to pay off the monthly repayment rates. One can also have the choice of borrowing against the value of one's property even when they have taken a mortgage on their current property. This is called a home equity or second mortgage.

Foreclosure is the proceed in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust." Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that the lender has foreclosed its mortgage or lien. You can view a list of foreclosures here.

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