Difference between revisions of "Foreclosure"

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==What is a mortgage?==
==What is a mortgage?==
A mortgage is a contract between a borrower and a lender to repay a loan. It gives the lender some assurance that the borrower will pay back the borrowed money. When you get a mortgage to buy a house, you borrow money from a person or company and you promise to pay back that money, usually with interest and in regular payments. The lender makes sure you will repay the loan with a mortgage, or charge, against your house, registered at the Land Title Office. You may have the right to pay off the mortgage and get the charge on your house removed—some mortgages allow that. For more on mortgages, check script [Mortgages and Financing a House Purchase (Script 408)|408]], called “Mortgages and Financing a House Purchase”.
A mortgage is a contract between a borrower and a lender to repay a loan. It gives the lender some assurance that the borrower will pay back the borrowed money. When you get a mortgage to buy a house, you borrow money from a person or company and you promise to pay back that money, usually with interest and in regular payments. The lender makes sure you will repay the loan with a mortgage, or charge, against your house, registered at the Land Title Office. You may have the right to pay off the mortgage and get the charge on your house removed—some mortgages allow that. For more on mortgages, check script [[Mortgages and Financing a House Purchase (Script 408)|408]], called “Mortgages and Financing a House Purchase”.


==What happens if you miss a mortgage payment or make a late payment?==
==What happens if you miss a mortgage payment or make a late payment?==
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