Mortgages- definitions

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  • Created by: Hope
  • Created on: 08-05-16 15:02
Mortgagor
Person who borrows money and in return they grant a mortgage over their land to the lender
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Mortgagee
Lender
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Equity of redemption
the term given to the bundle of of rights the mortgagor has
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Collateral advantage
where there is some additional benefit to the lender beyond just the repayment of money and interest
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Foreclosure
Alternative remedy hardly ever used in English law; if the borrower defaults, the lender can just take the property in full and final settlement of everything that is owed
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Arrears
Clients pay back the money they borrowed in monthly instalments. If the miss an installment, the money they missed is called arrears
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Repossession
When the lender takes back the property and removes the mortgagor
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Negative equity
a borrower is in negative equity if they owe more than their property is worth
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Other cards in this set

Card 2

Front

Lender

Back

Mortgagee

Card 3

Front

the term given to the bundle of of rights the mortgagor has

Back

Preview of the back of card 3

Card 4

Front

where there is some additional benefit to the lender beyond just the repayment of money and interest

Back

Preview of the back of card 4

Card 5

Front

Alternative remedy hardly ever used in English law; if the borrower defaults, the lender can just take the property in full and final settlement of everything that is owed

Back

Preview of the back of card 5
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