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As common as mortgages are, there are a surprisingly large number of us who are under false feelings about the manner they function, and what they actually are. For one thing, though we make commonly name mortgages “home loans,” this is not at all what they actually are. In fact, mortgages aren’t loans at all, nor are they something that have got been given to you by lenders. More accurately, it is a security instrument that you have got provided to a lender. It is a written written document that protects your lender’s interest with your property itself.

A mortgage mathematical functions in the following way:

- A mortgager (you) – also referred to as a borrower (leading to the false feeling that it is a home loan) and the mortgagee, who is also called the lender (again, falsely leading you to believe that a loan have been lent).

- The mortgage document itself bring forths a lien on your property. This is the collateral – the security – for the mortgagee who have provided the security instrument. This lien is recorded within public records – likely at a county courthouse or similar establishment.

- Ownership of the property is then yours and cannot be transferred to anyone else until you have got paid off the amount required to change by reversal the lien.

- Even if your property is mortgaged, you still ain the property wholly and completely. Cipher else, not even the mortgagee have statute title to the property.

- The lone right that your mortgage gives to the mortgagee over your property is to sell it to retrieve finances in the lawsuit that you make not pay off your debt. This is the awful procedure referred to as foreclosure.

- Should the mortgage be used for security, then the foreclosure must come on through the tribunal system in order to be legal in the bulk of circumstances. This type of foreclosure is referred to as a judicial foreclosure.

Obviously there is much more than to mortgages than this, but these are the basic foundations upon which the mortgaging system have been constructed.