| estate, a property can have multiple loans against it. The loan which is registered with county or city registry first is called the first mortgage. The loan registered second is called the second mortgage. A property can have a third or even fourth equity line but those are rarer. Second mortgages are called subordinate because, if the equity line goes into default, the first mortgage gets paid off first before the second mortgage gets any money. Thus, second mortgages are riskier for the lender, who generally charges a higher interest rate. Almost 36 million taxpayers claimed the deduction in 2003, according to the most recent statistics compiled by the Internal Revenue Service. The President's Advisory Panel on Federal Tax Reform urged the administration to do away with equity line deduction and replace it with a credit worth 15 percent of interest paid during the year. They would scrap the deduction for property taxes, too. Working in the mortgage business, Simmons knows and trusts the safeguards her industry provides. At common law, a mortgage was a conveyance of land that equity line its face was absolute and conveyed a fee simple estate, but which was in fact conditional, and would be of no effect if certain conditions were not met --- usually, but not necessarily, the repayment of a debt equity line the original landowner. Hence the word "mortgage," Law French for "dead pledge;" that is, it was absolute in form, and unlike a "live gage", was not conditionally dependent on its repayment solely from raising and selling crops or livestock, or of equity line giving the fruits of crops and livestock coming from the land that was mortgaged. |
equity line - domain.com
