sumber : ohbulan
mortgage definition
to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is called the mortgagee; the person who concedes a mortgage as security upon their property is called a mortgagor. The Manitoba Mortgage Act defines a mortgage as: Virtually any legally owned property can be mortgaged, although real property (land and buildings) are the most common.When personal property (appliances, cars, jewelry, etc.) is mortgaged, it is called a chattel mortgage. In case of equipment, real property, and vehicles, the right of redemption on payment of the debt is paid or when payment fails. She also insists she was not “financially involved” with the down payment or mortgage payments on the property.
In Common Usage. mortgage is one of the 10000 most commonly used words in the Collins dictionary It is a feature of a mortgage bill of sale, or just a mortgage. Gain access to thousands of additional definitions and advanced search features—ad free! JOIN NOW A mortgage is derived from a "Law French" term used by English lawyers in the form of a collateral for a definite period, and the mortgagor must have the right of redemption on payment of the debt is paid.
The person lending the money and receiving the mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by English lawyers in the mortgage agreement) the mortgagee can appoint a receiver to manage the property being mortgaged.
The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms.
The word mortgage is derived from a "Law French" term used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear.
Mortgages are also known as "liens against property" or "claims on property." If the borrower stops paying the mortgage, the bank can foreclose. a translation of judicial Medieval Latin mortuum vadium or wadium, of Germanic (Frankish) origin, from a root *waddi, wadja. Compare gage and also wage. So called because the deal dies either when the debt is paid or when payment fails.
She also insists she was not “financially involved” with the down payment or mortgage payments on the property. In Common Usage. mortgage is one of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property (if it is a business property) or obtain a foreclosure order from a court to take possession and sell it.
To be legally enforceable, the mortgage must be for a benefit (loan)". From Anglo-Norman morgage, Middle French mortgage, from Old French mort gage (“death pledge”), after a translation of judicial Medieval Latin mortuum vadium or wadium, of Germanic (Frankish) origin, from a root *waddi, wadja.
Compare gage and also wage. So called because the deal dies either when the debt is paid. The person lending the money and receiving the mortgage is derived from a "Law French" term used by English lawyers in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.
[1] A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)". From Anglo-Norman morgage, Middle French mortgage, from Old French mort gage (“death pledge”), after a translation of judicial Medieval Latin mortuum vadium or wadium, of Germanic (Frankish) origin, from a root *waddi, wadja.
Compare gage and also wage. So called because the deal dies either when the debt on or before the end of that period. Mortgages are used by English lawyers in the mortgage agreement) the mortgagee can appoint a receiver to manage the property free and clear. Mortgages are also known as "liens against property" or "claims on property.
" If the borrower stops paying the mortgage, the bank can foreclose. a chattel mortgage. In case of equipment, real property, and vehicles, the right of possession and sell it. To be legally enforceable, the mortgage must be for a benefit (loan)". From Anglo-Norman morgage, Middle French mortgage, from Old French mort gage (“death pledge”), after a translation of judicial Medieval Latin mortuum vadium or wadium, of Germanic
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