home equity loan work

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(also called the mortgagor) uses a mortgage to pledge real property to the lender (also called the mortgagee) home equity loan work security against the debt (also called hypothecation) for the rest of the value of the property. In legal terms, the creation of a mortgage gives the legal title of the land to the mortgagee and an equitable title (called "equity of redemption") to the mortgagor. The legal title, however, only exists as a security for a debt home equity loan work does not convey any title or powers associated with real property. The mortgage instrument contains two parts: the mortgage, which is the pledge the promissory note (or simply note) which is the actual evidence home equity loan work the debt and promise to repay To protect the lender, a mortgage is recorded in the public records creating a lien (when there are multiple liens, order of recording determines priority). Since mortgage debt is often home equity loan work largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property to make certain that the lien of the mortgage is prior to anyone else's claim.