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Page 24 of 34 |
What is a mortgage and how does it affect my owning real property? |
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| A mortgage is an interest in land which provides security for the performance of a duty or payment of a debt. Some states apply the common law rule that the conveyance of real property is void and is defeasible should the "owner" fail to make the payment. Many states recognize a mortgage as a mere lien (without conveying an interest in the land other than security or lien) and some states have adopted hybrid approaches. |
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