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Posted by: t D on 2008-10-27, 10:56:06
A mortgage is a document whereby you agree to provide a house as collateral in return for money. The money is used to buy the home, and is accomplished through a separate legal contract called a "note. " The mortgage secures the note. Very roughly put, foreclosure is the process whereby the bank repossess the property to pay back the money it lent you. (Technically, the borrower's right to redeem is foreclosed.) A refinance is a process whereby you replace one mortgage loan with a new mortgage loan at a lower rate (or a new fixed rate). "23 Legal Defenses to Foreclosure " takes 440 pages to lay out foreclosure defenses and is available at foreclosure-fight.com |
