The Five Keys That Are Found In A Mortgage by real estate expert Craig Summers
There are items that I like to call the keys that are found in a mortgage. When discussing a mortgage, these are very important to understand. In our discussion we are going to talk about the responsibilities of both the mortgagor and mortgagee.
Key # 1 Pay the main or principal mortgage debt.
This is one of the agreements that must be met by the person that is purchasing the house in . This person is also known as the mortgagor. So basically this is saying that if you go to purchase a house in and then borrow money, then it is your responsibility to pay the principal part of the debt.
Key #2 Keep insurance
This key states that if you borrow some money for a mortgage, then it is your responsibility to carry insurance on your home in and it must at least be insured against fire. Again, these are the responsibilities of the person purchasing the home or property in .
Key #3 Demolition
This third key protects the mortgagee if you decide that you want to tear your property in down and start all over again. Basically you cant do that without getting permission from the mortgagee first.
The question then becomes what happens if the mortgagor is unable to follow through on either one of these keys. If this is the case, then the mortgage agreement contains two keys that support the mortgagee.
Key #4 The default key
This says that all of the costs involved with making a payment will have to be paid immediately if the mortgagor does not pay his monthly payments.
Key #5 The foreclosure even
This key allows for the bank to do something if the monthly payment is not paid. This states that the mortgagor or the person living in the home in will agree to a receiver if the mortgagee has to foreclose on the house in .
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