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HOME » REFERENCE » INDUSTRY TERMS » Mortgage

Mortgage

A mortgage creates a lien on the mortgaged property. The most important feature of a mortgage, for purposes of providing security, is that the mortgage lien can be foreclosed in the event of default, forcing the sale of the mortgaged property to satisfy the obligations it secures. Foreclosure is a means of transferring title to the mortgaged property from the borrower to the purchaser at the foreclosure sale.

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