Mortgage - Page 4 - Law Dictionary

second mortgage

second mortgage see mortgage ...

two step mortgage an adjustable-rate mortgage (ARM) that has one interest rate for the first five to seven years of its term and a different interest rate for the remainder of the term. Source: U.S. Department of Housing and Urban Development ...

senior mortgage

senior mortgage see mortgage ...

simple mortgage clause

simple mortgage clause : open mortgage clause ...

special mortgage

special mortgage see mortgage ...

va mortgage

va mortgage a mortgage guaranteed by the Department of Veterans Affairs (VA). Source: U.S. Department of Housing and Urban Development ...

wrap-around mortgage

wrap-around mortgage see mortgage ...

Clog on mortgage

Clog on mortgage, said right only acrues after term of mortgage has expired, unless there is a special condition to the contrary, Mangal Prasad Tamali v. Narvadeshwar Mishra, (2005) 3 SCC 422 (425) (Transfer of Property Act, 1882, s. 60)....

Contributory mortgage

Contributory mortgage, a mortgage in which the money secured is advanced by two or more lenders in separate amounts. It is not available for trustees in the absence of an express power, Webb v. Jonas, (1888) 39 Ch D 660....

Mortgage by conditional sale

Mortgage by conditional sale, the definition of a mortgage by conditional sale postulates the creation by the transfer of a relation of mortgagor and mortgagee, the price being charged on the property conveyed. In a sale coupled with an agreement to reconvey there is no relation of debtor and creditor nor is the price charged upon the property conveyed, but the sale is subject to an obligation to retransfer the property within the period specified, P.L. Bapuswami v. N. Pattay Gounder, AIR 1966 SC 902 (903): (1966) 2 SCR 918; See also Bhaskar Waman Joshi v. Shrinarayan Rambilas Agarwal, AIR 1960 SC 301: (1960) 2 SCR 117. [Transfer of Property Act, 15 s. 58 (c)]...

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