Questions about Mortgaged Housing
What is Mortgage?
Mortgage loan is a credit on the security of real estate. This means that if you won’t be able to pay off your credit for buying a flat, the bank will seize this flat as your debt. There will be a legal procedure; the jury will decide that the flat should be sold by auction, and the bank should take its share for credit repayment; the rest will go to the debtor.
In fact, you can get a mortgage loan on the security of the flat you live in as well. However, would you risk your relatives’ comfort and let them be kicked out of their accommodation in case of your failure? That’s why the majority of the mortgage loans are taken on the security of the future housing.
June 20th, 2006 at 11:36 am
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