mortgagee

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A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money. A mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than on other property (such as ships) and in some jurisdictions only land may be mortgaged. A mortgage is the standard method by which individuals and businesses can purchase real estate without the need to pay the full value immediately from their own resources. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.

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    VIC Mortgagee Question: Can I but a mortgagee property direct from the bank?

    Long story short there is a property next door that has been abandoned after a drug bust and I assume there is a possibility that it might soon be mortgagee property and put up by the bank for sales or auction. Is it possible that I contact the bank prior to this and just make them an offer? I...
  2. M

    Is a property settlement possible without mortgagee (bank)?

    A lawyer advised that if a council sells a home under rates recovery, that they dont have to notify mortgagee (bank) of settlement. ie: * Council sells property * Council settles property THEN contacts bank and pays bank out. My understanding is that this is not possible (bank MUST be at...
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    QLD Adding name to land title - help!

    Hi, Last year a friend and I purchased a block of land. As she was dealing with the lawyers etc her name was put on the title - and the bank mortgage as interest. This year we bought the adjoining block with both names on the title. We had surveyors doing the work to amalgamate the blocks so...