Asked by
Dyquan Gipson
on Nov 23, 2024
Verified
Where a mortgagor obtains a "second mortgage", the mortgagor has mortgaged
A) the legal title.
B) the hypothecation.
C) the equity of redemption.
D) the first mortgage.
E) the right to avoid default.
Equity of Redemption
The right of a debtor to reclaim property that has been used as collateral after the debt obligation has been fully paid.
Hypothecation
The practice of pledging assets as collateral to secure a loan, without transferring ownership of the collateral.
Legal Title
The formal right of ownership of property, recognized and protected by law.
- Recognize and describe the different kinds of mortgage options and the fundamental elements participating in transactions involving mortgages.
- Elucidate the steps and judicial ramifications of transferring properties encumbered by a mortgage.
Verified Answer
KP
Learning Objectives
- Recognize and describe the different kinds of mortgage options and the fundamental elements participating in transactions involving mortgages.
- Elucidate the steps and judicial ramifications of transferring properties encumbered by a mortgage.