| property to the lender (also called the mortgagee) as security against the debt (also called hypothecation) for the rest of the value of the property. In legal terms, the creation adjustable history mortgage rate 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 and does not convey any title or powers associated with real property. The mortgage instrument contains two parts: the mortgage, which is the pledge the adjustable history mortgage rate note (or simply note) which is the actual evidence of the debt and promise to repay To adjustable history mortgage rate 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 the largest debt owed by the debtor, banks and other |
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