Kiritsis & Associates

 

What is mortgage?

Jul 14, 2021

Kiritsis Law Group 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M


Generally, it is regarded as a voluntary lien against property to secure a debt (often a loan).   Mortgages are vital in many real estate contracts because they often provide ‘poor’ buyers with the ability to raise the funds to buy the real estate. Also, mortgages could be an important way for property owners to access the equity in their property. Usually lenders would require or demand that in order to provide the mortgage loan proceeds, they subject the loan to a procedure called mortgage origination to make it secured from other creditors. Mortgages are common in the world of real estate, regardless of the property type (i.e. residential, commercial, industrial, undeveloped). This is a crucial component of the U.S. financial sector. The proper regulation of mortgages could be a politically heated subject —  balancing competing interests — between promoting home ownership and real estate development versus the need to avoid unscrupulous and predatory lending practices. 

 

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