| the land that was mortgaged. The mortgage debt remained in effect whether or not the land could successfully produce 10 year fixed mortgage income to repay the debt. In theory, a mortgage required no further steps to be taken by the creditor, such as acceptance of crops and livestock, for repayment. 10 year fixed mortgage many U.S. states, however, a mortgage has been converted by statute to a device for creating a security interest in land. When the landowner fails to perform on the obligation secured by the mortgage, the 10 year fixed mortgage holder may file a foreclosure to cause the property to be sold at auction, usually by the sheriff. "You`re looking at 15-to-30 years payment on a credit card with a balance of $20,000 if |
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