Who Holds The Deeds To A Mortgaged Property

State:
Connecticut
Control #:
CT-0326BG
Format:
Word; 
Rich Text
Instant download

Description Deed Of Redemption Format

An agreement that creates an interest in real property as security for an obligation, such as the payment of a note, and that is to cease upon the performance of the obligation, is called a mortgage. The person whose interest in the property is given as security is the mortgagor. The person who receives the security is the mortgagee (lender). Two characteristics of a mortgage are (a) the mortgagee's interest terminates upon the performance of the obligation secured by the mortgage such as payment of the note secured by the mortgage; and (b) the mortgagee has the right to enforce the mortgage by foreclosure if the mortgagor fails to perform the obligation (such as defaulting on the note payments).
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Who Holds The Deeds To A Mortgaged Property