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MORTGAGES
A mortgage is a financial instrument or claim against a real property. A mortgage is originated by mortgagee in the form bond or note- which is an agreement to repay the loan under certain terms and conditions. The borrower is referred to as the mortgagor. The lender, who creates your mortgage, is referred as the mortgagee. The instruments used are deeds of trust and mortgages and the property secured is called the collateral. Mortgages are used in some states because they carry a clause that the lender can avoid a costly legal process should a default occurs and may regain control of the collateral which was used to secure the mortgage in the first place. Apply
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