Definition of Mortgage

A mortgage is a contract in which a particular property is registered according to the provisions of the mortgage, whereby the creditor acquires a property to which it is registered. In accordance with this mortgage, it may apply against all creditors and recover its debt from the price of the mortgaged property. For the bank, for example, for a person,

or for any party to borrow from them, with the imposition of interest on the loan, so that the mortgaged property is a guarantee for repayment of the loan and if the current person defaults on the loan, the bank or the mortgagee can take the property It is worth mentioning that anything transferred or immovable or registered may be mortgaged Plane or car.

Mortgage Information.

• There is a great importance to the mortgage, which is that it can obtain a loan at a lower rate of interest of the loan, and the mortgage can be the owner of the breach of this mortgage housing.
• It has disadvantages such as it puts a financial burden on the citizen, a huge financial burden may lead to the loss of all the ownership, and the mortgage encourages citizens to venture and risk the assets of the funds they have to obtain a loan.
• The mortgage applicant and other people have a mortgage. If he is a heir to any person, he becomes liable to repay his debts.
• There is great importance to the mortgage for the bank, which is that the bank can expand the granting of loans to citizens, and can increase profits, and it can own many properties in the event of a citizen's inability to pay.
• There are many disadvantages to the bank, namely, that some of the debt and loans provided by it are debt is non-existent or stumbling.
• There are many conditions for mortgages, including: If the time of religion, must be performed immediately, when the debtor paid his debt may take a mortgage, and if not perform the debtor has the right to meet the right of the value of the mortgage.
• The mortgagee may take compulsory eviction procedures for the ownership of the mortgaged property and sell it and fulfill the right in case the debtor fails to repay the debt. If there is an increase in the price of the mortgaged property after its sale, the increase is the right of the landlord.
• The mortgage does not invalidate the loss of eligibility or the death of the current, or the death of the mortgagor, and the heir shall be replaced by any party where the imbalance occurred.

As reported by "weziwezi.com"