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A mortgage lien is a specific, voluntary lien. The priority of the liens on a property determines which debt will be repaid first in the event of default and foreclosure.
mortgage lien—a lien on the mortgagor's property securing the mortgage. municipal lien (United States)—a lien by a municipal corporation against a property owner for the owner's proportional share of a public improvement that specifically and individually benefits the owner. possessory lien—a lien allowing the creditor to keep possession ...
Under lien theory. a mortgage acts to place a lien on the mortgaged property in favor of the mortgagee, and legal title is retained by the mortgagor. Judicial foreclosure is most often necessary as a remedy to default pursuant to mortgages within lien theory jurisdictions, and this process has been found to be cumbersome, time-consuming and costly.
The difference between them is that in the case of a pledge the owner delivers possession to the creditor as security, whereas in the case of a lien the creditor retains a right of possession of goods previously delivered to him for some other purpose. Neither a mortgage or a charge depends upon the delivery of possession.
The mortgagor is the person or entity who borrows and pays back a mortgage loan. If you're getting a mortgage to buy a home, you're the mortgagor. The mortgagee is the lender, such as a bank ...
When you get the first mortgage loan to buy a home, the mortgage lender who funded it places a primary lien on the property. This lien gives the lender the first right or claim to the home if you ...