MORTGAGE LAW

A mortgage (some states use a “deed of trust”) is a written instrument (legal document) whereby person(s) or an entity (the mortgagor) agree to place a piece of real property up as collateral in exchange for a loan (from the mortgagee).  The details of loan are outlined in the promissory note which serves as the contractual financial obligation that is to be repaid by the mortgagor.  The mortgage is typically recorded in the public records in the county where the real property is located so that all parties that are interested in purchasing the property (or placing their own lien) are put on notice that there is an existing lien (in the form of the mortgage) on the property already.  Once the debt is repaid in full the promissory note is cancelled and a satisfaction of mortgage is recorded in the public records thereby cancelling out the previously recorded instrument.  If the mortgagor defaults on their financial obligation the lender / creditor can foreclosure on their lien (via a judicial or non-judicial process depending upon the state).  If you are an owner of real property and you are past due on your mortgage payments, you have received an acceleration notice, you have received a Notice of Default (NOD), or you have already been served with foreclosure papers please call Brian M. Rokaw, P.A. to schedule a no obligation consultation – (305) 722-5888.

See also Mortgage Debt.