Introduction to Mortgage
Mortgage, legal instrument that pledges a house or other real estate as security for repayment of a loan. By providing a guarantee that the loan will be paid back, a mortgage enables a person to buy property without having the funds to pay for it outright. If the borrower fails to repay the loan, the lender may foreclose on the property-that is, force the sale of the house to recover the amount of the loan (see Foreclosure).
The mortgage lending process has two instruments, a note and a mortgage. The note specifies the financial terms of a loan agreement. The mortgage contains a legal description of the property and a statement that pledges the property as security for the loan. However, the word mortgage commonly refers to both parts of the loan agreement as a whole.” (1)
Mortgage, Bishop, Debts
From the book The Clergyman’s Hand-book of Law, about Mortgage, Bishop, Debts (2): The archbishop of a church to which property is bequeathed, can not mortgage it without authority from the church or under the law.470Also, the bishop of a diocese to whom land had been conveyed in trust for a particular congregation, could not execute a valid mortgage thereon to secure his own indebtedness.471 But a religious society in the absence of prohibitionary legislation, has power to mortgage its property to secure its debts.
Exempt, Execution, Mortgage
From the book The Clergyman’s Hand-book of Law, about Exempt, Execution, Mortgage (3): The statutes in most of the States exempt the tombstones and lots in a cemetery from sale on execution.769 Also, a cemetery lot can not be sold under mortgage after bodies have been buried therein, as any one may be arrested for desecration of graves.
The Legal History of Mortgage
This section provides an overview of Mortgage history.
Importance of anti-money laundering in the mortgage profession
Besides the importance of anti-money laundering in the mortgage profession, see additional information on money laundering here.
- Consumer Credit
- Negotiable Instrument
- Financial Regulation
- Corporate Finance
Notes and References
- Information about Mortgage in the Encarta Online Encyclopedia
- Charles M. Scanlan, The Clergyman’s Hand-book of Law. The Law of Church and Grave (1909), Benziger Brothers, New York, Cincinnati, Chicago
- Legal Biography
- Legal Traditions
- Historical Laws
- History of Law
- Mortgage in the Oxford International Encyclopedia of Legal History (Oxford University Press)
- The Oxford Encyclopedia of American Political and Legal History (Oxford University Press)
- Mortgage in the Dictionary of Concepts in History, by Harry Ritter
- A Short History of Western Legal Theory, by John Kelly
Hierarchical Display of Mortgage
Law > Civil law > Civil law > Contract
Finance > Financial institutions and credit > Credit > Borrowing
Law > Justice > Ruling > Enforcement of ruling > Seizure of goods
Finance > Financial institutions and credit > Credit policy > Credit guarantee
Concept of Mortgage
See the dictionary definition of Mortgage.
Characteristics of Mortgage
Translation of Mortgage
- Spanish: Hipoteca
- French: Hypothèque
- German: Hypothek
- Italian: Ipoteca
- Portuguese: Hipoteca
- Polish: Hipoteka
Thesaurus of Mortgage
Law > Civil law > Civil law > Contract > Mortgage
Finance > Financial institutions and credit > Credit > Borrowing > Mortgage
Law > Justice > Ruling > Enforcement of ruling > Seizure of goods > Mortgage
Finance > Financial institutions and credit > Credit policy > Credit guarantee > Mortgage