Mortgage Law

Mortgage law governs the agreements between lenders and borrowers for property financing. When you take out a mortgage, you're borrowing money to buy real estate, using that property as collateral. The lender holds a lien, meaning they can take the property if you fail to repay. The law outlines the terms of loans, including interest rates, repayment schedules, and borrower rights. It also dictates how foreclosures work when a borrower defaults. Overall, mortgage law aims to protect both lenders' and borrowers' interests while ensuring fairness throughout the borrowing process.