find attorneys find lawyers professional lawyers find attorneys find lawyers professional lawyers find attorneys find lawyers professional lawyers find attorneys find lawyers professional lawyers find attorneys find lkkh
find a lawyer - criminal lawyer business attorney new york lawyer immigration lawyer disability lawyer find a lawyer dui lawyer divorce lawyer bankruptcy attorney family lawyer trademark lawyer criminal lawyer personal injury lawyer criminal defense lawyer tax lawyer
.Immigration Law Resources
What is Immgration Law
FAQs For Immigration visa
Where is my application?
Immgration Lawyers
.Criminal Law Resources
What is Criminal Law
FAQs Criminal Law
About Bail
Criminal justice
Criminal Lawyers
.Bankruptcy Law Resources
What is Bankruptcy Law
FAQ About Bankruptcy
Bankruptcy Process
Facts & Statistics
Bankruptcy Lawyers
.Labor Law Resources
What is Labor Law 
Employees Rights  
Federal Labor Law
Law For Wages Payed
Labor Lawyers 
.Employment Law Resources
What is Employment Law  
Discrimination Law
FAQs For H1B
Employer V/S Employee
Employment Lawyers
.Real Estate Law Resources
What is Real Estate Law
Real Estate Related Terms
Landlord and Tenant Law
Mortgage Law
Real Estate Lawyers
.Personal Injury Law Links
What is Personal Injury 
Establishing Your Claim 
Tips in filing lawsuit 
FAQs Personal Injury
Personal Injury Lawyers
.Business Law Resources
What is Business Law
Choose Type Of Business
Law That May Affect You
Legal Requirements
Business Lawyers
.Divorce Law Resources
What is Divorce Law
Is Divorce For You
Divorce Process
Save Cost On Divorce
Divorce Lawyers

 

 

 

Mortgage Law

 

A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land. The mortgagee, usually a financial institution, is the provider of the loan or other interest given in exchange for the security interest. Normally, a mortgage is paid in installments that include both interest and a payment on the principle amount that was borrowed. Failure to make payments results in the foreclosure of the mortgage. Foreclosure allows the mortgagee to declare that the entire mortgage debt is due and must be paid immediately. This is accomplished through an acceleration clause in the mortgage. Failure to pay the mortgage debt once foreclosure of the land occurs leads to seizure of the security interest and it's sale to pay for any remaining mortgage debt. The foreclosure process depends on state law and the terms of the mortgage. The most common processes are court proceedings (judicial foreclosure) or grants of power to the mortgagee to sell the property (power of sale foreclosure). Many states regulate acceleration clauses and allow late payments to avoid foreclosure.

Three theories exist regarding who has legal title to a mortgaged property. Under the title theory title to the security interest rests with the mortgagee. Most states, however, follow the lien theory under which the legal title remains with the mortgagor unless there is foreclosure. Finally, the intermediate theory applies the lien theory until there is a default on the mortgage whereupon the title theory applies.

The mortgagor and the mortgagee generally have the right to transfer their interest in the mortgage. Some states hold that even when the purchaser of a property subject to a mortgage does not explicitly take over the mortgage the transfer is assumed. Mortgagees employ due-on-sale and due-on-encumbrance clauses to prevent the transfer of mortgages. These clauses allow acceleration (having the principal and interest become due immediately) of the mortgage. In 1982, Congress made these clauses enforceable nationwide by passage of the Garn-St Germain Depository Institutions Act of 1982. The law of contracts and property govern the transfer of the mortgagee's interest.

If the mortgage being foreclosed is not the only lien on the property then state law determines the priority of the property interests. For example, Article 9 of the Uniform Commercial Code governs conflicts between mortgages on real property and liens on fixtures (personal property attached to a piece of real estate).

When a mortgage is a negotiable instrument it is governed by Article 3 of the Uniform Commercial Code. A mortgage may be used as a security interest by the mortgagee. The law of mortgages is mainly governed by state statutory and common law. Mortgagees are regulated by federal or state law or agencies depending on under whose law they were chartered or established. The Office of Thrift Supervision, an office in the Department of the Treasury, regulates federally chartered savings associations. The Comptroller of the Currency charters and regulates national banks. Federal credit unions are chartered and regulated by the National Credit Union Administration.

Federal agencies that purchase loans and mortgages are the Federal National Mortgage Association or Fannie Mae, the Federal Home Loan Mortgage Corporation or Freddie Mac, and the Government National Mortgage Association or Ginnie Mae. The federal government also insures mortgages through the Federal Housing Association and the Department of Veterans Affairs.

.

 

 

 

 

.

Popular Law Links - Attorney Legal Services

Criminal Lawyer Injury Lawyer Personal Injury Lawyer Attorney Legal Services
Lemon law Tax Attorney - Tax Lawyer Bankruptcy Attorney Criminal Defense Attorney Family Law Labor Employment Attorney New Jersey Lawyer California Lawyer Megans Law Business Attorney Civil Right Attorney Texas Lawyer Real Estate Attorney Immigration Attorney Power Of Attorney Insurance Attorney California Attorney Criminal Defense Lawyer Immigration Lawyer Labor Law New York Lawyer Dui Lawyer Vioxx Lawyer Real Estate Law Florida Lawyer Injury Law Firm Family Lawyer Find A Lawyer Trademark Lawyer New Bankruptcy Law Bankruptcy Lawyer Michigan Lawyer Divorce Lawyer Employment Law

 

Alabama Lawyers
Alaska Attorney
Arizona Law Firms
Arkansas Lawyers
California Attorney
Colorado Law Firms
Connecticut Lawyers
District Of Columbia - DC
Delaware Attorney
Florida Law Firms
Georgia Lawyers
Hawaii Attorney
Idaho Law Firms
Illinois Lawyers
Iowa Attorney
Indiana Law Firms
Kansas Lawyers
Kentucky Attorney
Louisiana Law Firms
Maine Lawyers
Maryland Attorney
Massachusetts Law Firms
Michigan Lawyers
Minnesota Attorney
Mississippi Law Firms
Missouri Lawyers
Montana Attorney
Nebraska Law Firms
Nevada Lawyers
New Hampshire Attorney
New Jersey Law Firms
New Mexico Lawyers
New York Attorney
North Carolina Law Firms
North Dakota Lawyers
Ohio Attorney
Oklahoma Law Firms
Oregon Lawyers
Pennsylvania Attorney
Rhode Island Law Firms
South Carolina Lawyers
South Dakota Attorney
Tennessee Law Firms
Texas Lawyers
Utah Attorney
Vermont Law Firms
Virginia Lawyers
Washington Attorney
West Virginia Law Firms
Wisconsin Lawyers
Wyoming Attorney
Washington DC Law Firms

 

Disclaimer: The information provided on this website is not intended to be legal advice, but merely conveys general information related to legal issues commonly encountered. Your access to and use of this website is subject to additional terms and condititons. All contents, including text, graphics, images & information available on or through this Web site are for general informational purposes only. The Content is not intended to be a substitute for professional legal advice. Never disregard professional legal advice, or delay in seeking it, because of something you read on this website. You are encouraged to consult your attorney with regard to information contained on or through this Web site. Click here to read further.... Copyright 2002 FIND-ATTORNEYS.COM All rights reserved.

 

Site Designed & Maintained by Advance Infotech Inc.