When a person takes out this type of mortgage they still own the property which is security for the mortgage. They can occupy or live in the property.
An instrument that, because of a technical defect, is not actually a mortgage but because the intention of the parties is to create a mortgage, the instrument will be enforced by a court of equity.
A mortgage which has a claim solely on the equity of redemption and not to the title of the property itself.
A mortgage secured on the basis of equity in the property. The property owner retains title to the property
In this case, the customer has to just pledge the documents with the HFC and he can get a loan against them. He is not required to get the mortgage registered.
A form of mortgage created by deposits of title deeds or more usually the duplicate certificate of title.
An instrument that because of a technical error in its terms is not actually a mortgage, but that encumbers property as security for the repayment of a debt. If the intent of the parties was to create a mortgage, the instrument is enforceable under the law.... read full article
Any written instrument that declares the intent to hold property as security for the repayment of a debt; especially, a regular mortgage or deed of trust that is improperly drawn but clearly indicates the intent of the parties.
(1) A lien against real property (mortgage)which is enforceable in a court of equity, but does not legally constitute a mortgage. (2) A deed given as security for a debt will be held to be a mortgage rather than a transfer of title. Also called a constructive mortgage.
A mortgage where either the mortgagor's original interest was merely equitable, or a mortgage which was created informally, as by the deposit of title deeds.
