A mortgage involve transfers an interest of the land as security for the loan or any other obligations, and the most popular method for financing the real estate transaction. The mortgager is one among party who transfer interest in lands or the borrower of loan, and the other party is the Mortgagee which is an financial institution , or provider of a loan or interest provided in exchange of security interest
A mortgage would be repaid in instalments which will include principal amount along with the interest that has been borrowed , when the borrower fails to make the payments will result in foreclosure of mortgage. Foreclosure of the mortgage will allow mortgagee to state the full mortgage debt thats due, should be paid immediately, and this would be accomplished through the acceleration clause of the mortgage, and if the mortgager fails to pay after this declaration foreclosures of the home occurs that will lead to capture of security interest in turn lead to sale of the mortgage home for the remaining mortgage debts.
Foreclosures process will depend on the particular state law, as well as the term of mortgage of that state. The most popular processes are...
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