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Mortgage: Difference between revisions
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(→Types of mortgages: equitable mortgage) |
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*Traditional mortgage = mortgage + promissory note | *Traditional mortgage = mortgage + promissory note | ||
*Deed of trust = mortgagor (borrower) conveys the property in trust to a trustee (3rd party); the trustee may sell the property for the benefit of the lender if the borrower defaults | *Deed of trust = mortgagor (borrower) conveys the property in trust to a trustee (3rd party); the trustee may sell the property for the benefit of the lender if the borrower defaults | ||
* Equitable mortgage = conveyance of property by deed from the borrower to the lender; courts will treat the transaction as a mortgage | |||
==See also== | ==See also== | ||
*[[Property Merrill/Outline]] | *[[Property Merrill/Outline]] | ||
*[[Property Singer/Outline]] | *[[Property Singer/Outline]] | ||
Revision as of 18:30, April 14, 2023
Since the 20th century, the mortgage was devised as a way to allow most people to buy property. Prior to 1900, property owners were understood to own their real property outright.
Terminology
- Mortgagor = borrower
- Mortgagee = lender
- Equity = Borrower's interest in the property
Types of mortgages
- Traditional mortgage = mortgage + promissory note
- Deed of trust = mortgagor (borrower) conveys the property in trust to a trustee (3rd party); the trustee may sell the property for the benefit of the lender if the borrower defaults
- Equitable mortgage = conveyance of property by deed from the borrower to the lender; courts will treat the transaction as a mortgage
