MORTGAGED Meaning and
Definition
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Mortgaged is an adjective that describes a situation where a person or entity has borrowed money from a lender, typically a bank or financial institution, in order to purchase real estate property or other valuable assets. This borrowing is secured by the property itself, which serves as collateral for the mortgage loan. In this agreement, the borrower, also known as the mortgagor, transfers the title or ownership rights of the property to the lender, referred to as the mortgagee, until the loan is fully repaid.
The process of taking out a mortgage involves signing a legal contract, commonly known as a mortgage deed, that outlines the terms and conditions of the loan, including the interest rate, repayment schedule, and any other specific obligations. The mortgaged property is subject to a lien until the debt is discharged, meaning that if the borrower defaults on their payments, the lender has the legal right to foreclose on the property and sell it in order to recover their loan amount.
The term "mortgaged" can also refer to the act of using an asset, such as real estate or personal property, as collateral for a loan or other financial obligation. This concept extends to various forms of secured borrowing where the lender has an interest in the property until the debt is repaid, ensuring their right to claim the asset in case of default.
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Conveyed or granted, as real property in security for a debt.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for MORTGAGED *
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Other Common Misspellings for MORTGAGED
Etymology of MORTGAGED
The word "mortgaged" originated from the Old French term "morgage" (or "mortgage"). Its etymology can be traced back to the Latin language, where it was a combination of two words: "mors" meaning "death" and "gagus" meaning "pledge".
In medieval times, the term "mortgage" was used to refer to a type of contract or agreement involving an arrangement where a borrower pledged their property (usually land) as collateral for a loan. If the borrower failed to repay the loan, the lender had the right to take possession of the pledged property. The connection to the word "death" in the Latin roots of "mortgage" likely refers to the fact that if the borrower defaulted on the loan, they would lose their property.
Similar spelling words for MORTGAGED
Conjugate verb Mortgaged
CONDITIONAL
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