In most cases, the house is the usual collateral for the mortgage, thus the term “home mortgage”. In turn, the mortgage lender will be entitled to some legal rights upon the property as long as the mortgage is in full force or until the debtor pays back the loan.
A home mortgage serves as security for loans, thus giving the lender the power to acquire the property through foreclosure in the event that the borrower fails to pay the loan on time. more…
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Originally Posted on 11/26/2005 6:22:06 AM
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