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Definition of a Residential Mortgage

A residential mortgage is a document in which the owner uses the title to residential property as security for a loan described in a promissory note. The mortgage must be signed by the owner (borrower/mortgagor), acknowledged before a notary public, and recorded with the County Recorder or Recorder of Deeds. If the owner fails to make payments on the promissory note then the lender can foreclose on the mortgage to force a sale of the real property and receive the proceeds, or receive the property itself at a public sheriff's sale.

Before the property is sold, the mortgagor must be noticed and offered an opportunity to pay all delinquent payments and costs of foreclosure to save the property. In some states the property can be redeemed by such payment even after foreclosure. When the mortgage is paid in full, the lender is required to execute a "satisfaction of mortgage" (sometimes called a "discharge of mortgage") and record it to clear the title to the property.

A purchase-money mortgage is one given by a purchaser to a seller of real property as partial payment. A mortgagor may sell the property either "subject to a mortgage" in which the property is still security and the seller is still liable for payment, or the buyer "assumes the mortgage" and becomes personally responsible for payment of the loan. Most states using mortgages treat them as liens on the property. Some states use a "deed of trust" (or "trust deed") as a mortgage. Under the deed of trust system title is technically given to a trustee to hold for the lender, who is called a beneficiary.

Some of the relevant legal forms include:
- Motion for Relief from Stay and for Abandonment by Mortgage Holder
- Real Estate Assignment of Note and Deed of Trust as Security for Debt of
   Third Party
- Mortgage Foreclosure Summons Form for Mortgage Deed, with Power of Sale
- Subordination Agreement of Mortgage Regular Mortgage by Corporation
- Power of Attorney to Satisfy Mortgage Wrap Around Mortgage Mortgager
- Simple Form Satisfaction - Release
- Cancellation of Mortgage by Individual Satisfaction - Release
- Cancellation of Mortgage by Corporation
- Assignment of Mortgage
- Individual Mortgagee/Holder Partial Release of Property From Mortgage
- Individual Assignment of Mortgage - Corporate Mortgagee/Holder
- Partial Release of Property From Mortgager
- Corporation Assumption Agreement of Mortgage and Release of Original
   Mortgagors
- Assignment of Deed of Trust - Corporate
- Mortgagee/Holder Partial Release of Property From Deed of Trust - Individual
- Partial Release of Property From Deed of Trust - Corporation Corporate or
   Individuals. Signed by Lender, Mortgagors and new Purchasers.
- Satisfaction - Release - Cancellation of Deed of Trust by Corporationr
- Satisfaction - Release - Cancellation of Deed of Trust by Individual
- Assignment of Deed of Trust - Individual Mortgagee/Holder
- Assignment of Deed of Trust - Corporate Mortgagee/Holder
- Assignment of Deed of Trust - Individual Mortgagee/Holder
- Satisfaction - Release - Cancellation of Mortgage by Individual
- Satisfaction - Release - Cancellation of Mortgage by Corporation
- Assignment of Mortgage - Individual Mortgagee/Holder
- Partial Release of Property From Mortgage - Individual
- Partial Release of Property From Mortgage - Corporation
- Assumption Agreement of Mortgage and Release of Original Mortgagors
- Mortgage Substitution of Trustee, Request for Reconveyance and
   Reconveyance Request for Reconveyance of Deed of Trust by Individual
- Request for Reconveyance of Deed of Trust by Corporation Corporate or
   Individuals. Signed by Lender, Mortgagors and new Purchasers.
- Satisfaction - Reconveyance of Deed of Trust by Corporation
- Satisfaction - Reconveyance of Deed of Trust by Individual


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