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Mortgage

Mortgage - a legal document by which real property is pledged as security for the repayment of a loan.  The items stated in the mortgage include the homeowner's responsibility to pay principal, interest, taxes, and insurance on time.  The homeowner is responsible for maintaining hazard insurance on the property and for maintaining the property.  The mortgage includes the basic information found in the note.  If a borrower consistently fails to meet the requirements of the mortgage, a lender can seek full repayment of the balance of the loan, foreclose on the property, or sell the property.  If the lender sells the property the proceeds of the sale will be used to pay off the loan balance and foreclosure costs.  In some states, a deed of trust is used instead of a mortgage.

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