Difference between revisions of "Mortgage"
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| − | A '''mortgage''' is granting of a [[lien]] on real property, such as a home, by a [[debtor]] (borrower) to his [[creditor]] (lender), such that the property is security for the repayment on a [[loan]]. Once the loan is paid, the mortgage | + | A '''mortgage''' is granting of a [[lien]] on real property, such as a home, by a [[debtor]] (borrower) to his [[creditor]] (lender), such that the property is security for the repayment on a [[loan]]. Once the loan is paid, the mortgage should be discharged. |
| − | [[ | + | |
| + | Hypothecation refers to the right that a creditor has to liquidate goods, securities, or other [[assets]], if you fail to service a loan. | ||
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| + | == See also == | ||
| + | *[[Glossary of Budget Terms]] | ||
| + | *[[Accounting]] | ||
| + | *[[Free Enterprise]] | ||
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== External links == | == External links == | ||
*[http://dictionary.law.com/ Law Dictionary] | *[http://dictionary.law.com/ Law Dictionary] | ||
*[http://research.lawyers.com/glossary/ Glossary of Legal Terms] | *[http://research.lawyers.com/glossary/ Glossary of Legal Terms] | ||
| + | *[http://www.myvakil.com/search/Faq.asp?FaqId=18 What is Hypothecation?] | ||
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| + | [[Category:Legal Terms]] | ||
| + | [[Category:Business]] | ||
| + | [[Category:Accounting]] | ||
| + | [[Category:Finance]] | ||
Revision as of 21:34, May 31, 2008
A mortgage is granting of a lien on real property, such as a home, by a debtor (borrower) to his creditor (lender), such that the property is security for the repayment on a loan. Once the loan is paid, the mortgage should be discharged.
Hypothecation refers to the right that a creditor has to liquidate goods, securities, or other assets, if you fail to service a loan.