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Handling your mortgage during financial difficulties by Anna Knapman-Scott
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Mortgages |
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Oct 2009 |
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| Synopsis: |
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The current economic downturn could well have repercussions for homeowners, many of whom require the assistance of a mortgage in order to purchase a home.
A mortgage is a contract between a borrower and a lender that sets out the terms by which the lender agrees to loan money to purchase the property, and the borrower agrees to make regular payments plus interest to return the loan in a set time. The borrower also agrees that the lender has the right to foreclose on the mortgage and take possession of the property if the borrower is unable to meet the regular payments. Homeowners should attempt to avoid this at all costs. If a borrower falls into arrears with mortgage repayments the borrower must take action to avoid loss of the mortgaged property.
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| Practice Area: | | Commercial Dispute Resolution, Litigation and Insolvency, Property & Construction Litigation, Property |
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| Jurisdiction: | | Bermuda |
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| Download: |
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File size: 95 KB - Number of pages: 2 |
For more information download: Handling your mortgage.
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