Chapter 23: The Law of Mortgages

• An agreement between you and a lender that gives the lender the right to take your property if you don't repay that money that you borrowed plus interest.

  Mortgage
• Secured claim (similar to mortgage) registered against real property

  Charge
• First mortgage of real property whereby owner of land in fee simple transfers  title of the property pledged as security to creditor

  Legal mortgage
• A legal arrangement where a borrower offers their property as security for a loan without transferring ownership to the lender

  Equitable mortgage
• The right of a mortgagor (borrower) to reclaim their property by paying off the outstanding mortgage debt, even after defaulting on the loan.


  Equity of redemption
• A clause that allows the lender to require payment before the standard terms of the loan expire

  Acceleration clause