A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money.
A security interest is a type of property interest created by agreement or by operation of law over assets to secure the performance of an obligation, usually the payment of a debt.
In English common law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and whose improvements come from human efforts.
A creditor is a party that has a claim on the services of a second party.
Mortgages and Deeds of Trust by www.uslawreview.com
A mortgage in itself is not a debt, it is the lender's security for a debt.
FRAUD AND CONSPIRACY CLAIMED IN FEDERAL LAW SUIT AGAINST ... by Mike B
It is a transfer of an interest in land from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed.
In other words, the mortgage is a security for the loan that the lender makes to the borrower.
A debtor is an entity that owes a debt to another entity.
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage, but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends either when the obligation is fulfilled or the property is taken through foreclosure.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.
Law French is an archaic language originally based on Old Norman and Anglo-Norman, but increasingly influenced by Parisian French and, later, English.
In the history of Europe, the Middle Ages or medieval period lasted from the 5th to the 15th century.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than on other property and in some jurisdictions only land may be mortgaged.
Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this an item of real property, buildings or housing in general.
Jurisdiction is the practical authority granted to a legal body to administer justice within a defined area of responsibility, e.g., Michigan tax law.
A mortgage is the standard method by which individuals and businesses can purchase real estate without the need to pay the full value immediately from their own resources.
See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex.