Mortgage - Page 8 - Law Dictionary

mortgage bond

mortgage bond see bond ...

real estate mortgage investment conduit

real estate mortgage investment conduit : remic ...

real estate mortgage investment conduit (remic)

real estate mortgage investment conduit (remic) a security representing an interest in a trust having multiple classes of securities. The securities of each class entitle investors to cash payments structured differently from the payments on the underlying mortgages. Source: U.S. Department of Housing and Urban Development ...

Blanket mortgage

One that covers a group or class of things or properties instead of one or more things mentioned individually as where a mortgage secures various debts as a group or subjects a group or class of different pieces of property to one general lien...

Mortgage-deed

Mortgage-deed, includes every instrument whereby, for the purpose of securing money advanced, or to be advanced, by way of loan, or an existing or future debt, or the performance of an engagement, one person transfer, or creates, to, or in favour of, another, a right over or in respect of specified property. [Indian Stamp Act, 1899 (2 of 1899), s. 2 (17); see also Transfer of Property Act, 1882 (4 of 1882), s. 58(a)]...

Simple mortgage

Simple mortgage, defined. [4 of 1882, s. 58(b)]...

mortgage acceleration clause

mortgage acceleration clause a clause allowing a lender, under certain circumstances, demand the entire balance of a loan is repaid in a lump sum. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment. Source: U.S. Department of Housing and Urban Development ...

mortgage-backed security

mortgage-backed security see security ...

mortgaged

burdened with legal or financial obligations as His house was mortgaged to the hilt...

Equity of redemption

Equity of redemption. Before 1926 the equitable estate or interest left in a person after he had mortgaged his property. Now the right to call for a reconveyance of a legal estate or of an equitable interest in property from the mortgagee on payment of principal, interest and costs. A mort-gagee, although he has become absolute owner of a legal estate in the mortgaged property, on account of the breach of the condition for repayment of the loan within the strict time, is nevertheless compelled to reconvey the legal estate to the mortgagor, who applies to redeem it, on payment of the principal, interest, and costs, Equity treating the breach of the condition as a penalty, and the retention for the mortgagee's own benefit of that which was intended simply as a pledge, as contrary to substantial justice.The right or equity of redemption is an essential attribute of a mortgage; it is inherent in the thing itself, and any provision inserted in the mortgage to defeat the right is void as a '...

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