What is a mortgage? Mortgage Definition: This is a security right of the obligation on the loan. It is on the house or building, although this may remain in possession of the buyer. The said law gives the creditor the right to request the sale of public housing and to recover its price if it complies with its obligations to the loan (loan, interest, holidays …).
The mortgage is unique specificities taking home as collateral (house, villa, bungalow, apartment …) for the lender (the institution which lends money). In case of not fulfilling the conditions agreed in the loan (i.e. non-payment of bills for repayment, dates, etc…), the bank or become the owner of the property owner.
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