It is important to understand the different types of mortgages to be able to comprehend online mortgage advice. A simple mortgage entitles the mortgagor to the payment of the mortgage money.
The mortgagor does not take possession of any property, but he agrees to pay the mortgage money if he fails. You can also look for online mortgage consultants if you rare first-time mortgage buyer.
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It is important to note that the phrase "cause the mortgaged properties to be sold" means that the mortgagee must seek legal intervention to sell the mortgaged property.
The mortgagee is not authorized to dispose of the property. This mortgage is non-possessory because the mortgagor retains ownership of the property. The mortgagor assumes a personal responsibility to repay the amount.
In the event of default, the mortgagee has two options. First, you can apply to the court to allow the sale of the mortgaged property. A mortgage by conditional sale is another option.
This type of mortgage allows the mortgagor to ostensibly offer the property for sale with specific conditions. The sale will be deemed final if the mortgagor fails or is late in paying the mortgage money by a specified date.
The mortgagor must pay the mortgage money before the sale is void. Finally, the buyer must transfer the property to him if he makes the mortgage payment by a specific date.
The above conditions are essentially the same. In other words, in default of paying the mortgage money, the mortgaged properties shall be sold to the transferee. However, this condition must be included in the mortgage deed.