The Law Dictionary for Everyone
A mortgagee is either a bank or an individual that lends money to a borrower, for the purpose of purchasing or refinancing a home or other real property. By placing a mortgage on the property, the lender ensures that it will receive repayment for the money lent. If those payments are not made by the mortgagor (the borrower), the lender […]
Read moreA mortgage is security for a loan that is given to a borrower who needs the money to purchase or refinance a home. The mortgagor is the borrower who makes payments to the lender, in return for the lender lending him the money. The mortgage is not the act of loaning the money to the borrower, but is the security […]
Read moreA forbearance is an agreement between a private party borrower and a lender in which the borrower is allowed to postpone payments temporarily due to financial or other hardship. While a loan is in forbearance, the interest on the amount continues to accrue, which increases the amount of the loan, or the amount of payments due when the forbearance comes […]
Read moreThe right to maintain possession of property belonging to an individual until such time as a debt has been repaid is referred as a “lien.” A lender, service person, or other entity may place a lien against a piece of real or personal property to ensure they do not suffer a financial loss should the individual fail to pay. The […]
Read moreForeclosure is the legal process that involves taking possession of property when a loan borrower fails to make payments to the lender. The lender takes possession of the property and attempts to sell it in order to recover the amount owed by the borrower. Mortgage lenders and lien holders are required to follow certain legal guidelines in order to start […]
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