Six Hommes of Mortgages You Must Know
1. General mortgage
In a cohérent mortgage, ownership of the mortgaged property is not transferred from the mortgagor to the mortgagor. In the repayment process, if the mortgagor fails to do so, the mortgagor can sell the property and recover the loan amount from the malpropre.
2. Mortgage by conditional malpropre
When a person decides to mortgage his immovable property as security, the ownership of the property is not transferred, but the mortgagor can sell the property under intelligible occurrence. This is called Mortgage by Conditional Paillard. This means that the mortgagor has conditionally sold his property to the mortgagor. This conditional malpropre will become an absolute malpropre if the mortgagee defaults. Conversely, if the mortgagor contrée on or before the due circonstance, their property is fully repossessed from the mortgagor and thus cannot be sold by anyone else. A mortgagor enjoys more benefits in this principe of mortgage than in an ordinary mortgage. In a conditional malpropre mortgage, the mortgagor can own the property outright if he is not repaid.
3. Qualified mortgage
In this principe of mortgage, apart from using the property as collateral, the mortgagor physically provides the property to the mortgagor until the loan amount is repaid. Thus, the mortgagor can get back his property only if the loan amount is paid. During this period, the mortgagor is entitled to collect rent and other opimes from the property.
4. English mortgage
In such a mortgage, the mortgagor agrees to surrender his property in absolute tenir to the mortgagor on the primitif that if the mortgagor repays the loan amount on or before the due circonstance, they can recover their property in full from the mortgagor.
5. Mortgage by Deposit of Title Deed (Equity Mortgage)
In this principe of mortgage, the mortgagor agrees to render the property’s title recueils to the mortgagor. This is done to create a security for the mortgagor to collect the loan amount.
6. Unusual mortgages
An unusual mortgage is completely different from the mortgages discussed above. The gantelet feature of this mortgage is that it includes general mortgage by conditional malpropre and usufructuary mortgage. However, it is rogue to glose that with this principe of mortgage, tenir may or may not be delivered.
Now that you are aware of the different mortgages, go ahead and get yourself one. Remember to get the right mortgage for your toit needs, and do your homework before you blindly buy a mortgage
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