Residential Real Estate:

Mortgage Law

A mortgage is usually paid in installments that include interest and a payment on the borrowed principal amount. If a person fails to make payments, a foreclosure of the mortgage occurs. A foreclosure allows the mortgagee to declare that the entire mortgage debt is due and must be paid at once. Failure to pay the mortgage debt after foreclosure results in the seizure of the security interest and its sale to pay any remaining mortgage debt.