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Sagot :
The lending institution will sell the mortgage or claim the collateral in order to make up for its loss.
What is the short definition of a mortgage?
When you and a bank enter into a mortgage, the lender is granted the power to seize your properties if you are unable to pay back the loan amount plus interest. To purchase a property or borrow more money against value of the home you currently own, you can use a mortgage loan.
What exactly is a mortgage?
A mortgage payment with real estate as the security. Mortgages can be used to finance existing housing that the customer already owns, despite the fact that most people think of them being employed to pay for the purchase of either a property.
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