Real Estate Mortgage

Description

A Real Estate Mortgage is an accessory contract because its validity and efficacy depends on a principal contract of loan. The purpose of a real estate mortgage is to secure the loan obligation of a debtor. The subject of a real estate mortgage is, as the title states, an immovable property or real property which is offered as collateral. In case the debtor defaults to pay his loan obligation on due date the creditor or mortgagee may foreclose on the mortgage judicially or extra-judicially which shall be sold at public auction. The most common form of security is a real estate mortgage because of the stable prices of real estate.

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