A mortgage is the legal agreement that helps protect a lender if a borrower does not make required payments on notes or bonds.
What is a mortgage?
This refers to the legal agreement by which a bank or society lends its money at interest in exchange for taking title of the debtor's property with the typical condition that the conveyance of title becomes void upon the payment of the debt.
Often, these mortgage also gives the lender a right to be paid from the cash proceeds of the sale of a borrower's assets identified with.
Hence, it is the legal agreement that helps protect a lender if a borrower does not make required payments on notes or bonds.
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