Mortgage: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Add link.) |
imported>Doug Williamson (Add link.) |
||
| Line 26: | Line 26: | ||
* [[CMBS]] | * [[CMBS]] | ||
* [[Encumbrance]] | * [[Encumbrance]] | ||
* [[Equity]] | |||
* [[First mortgage debenture]] | * [[First mortgage debenture]] | ||
* [[Fixed charge]] | * [[Fixed charge]] | ||
Revision as of 04:03, 21 January 2021
1.
An agreement under which a person borrows money against a security.
The security can be over any of the borrower’s assets but is commonly property (land and buildings) though it can be any pledgeable asset including, for example, ships or financial assets.
The lender may take possession of the asset if the borrower fails to repay the money.
2.
The loan advanced, and the regular payment of money borrowed, under such an agreement.
Especially a loan secured on residential property.
3. Law.
The legal charge taken by the lender as security for the loans described above.
