| 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 and does not convey commercial mortgage refinance 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 of the debt and promise to repay To protect the lender, a mortgage is recorded commercial mortgage refinance the public records creating a lien (when there are multiple liens, order of recording determines priority). Since mortgage debt is often the 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 commercial mortgage refinance mortgage is prior to anyone else's claim. Tax liens, in some cases, will come ahead of mortgages. For this reason, if a borrower has delinquent property taxes, the bank will often pay them to prevent the lienholder from foreclosing and wiping out the mortgage. A recent report from the federal reserve indicates a sharp rise in commercial mortgage refinance values in the past decade. They say that rise has led to a buildup in mortgage |
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