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What Are Mortgages?

April 26, 2017mortgages

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What Are Mortgages?

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A mortgage or trust deed is a lien on real estate. If a seller of real estate has a mortgage on his property and fails to make payments as required by his mortgage and promissory note, the lender can foreclose and sell the property. A title search will disclose whether there are any unreleased mortgages or trust deeds so that a prospective buyer can make arrangements to have them paid.