401k403(b)457 Plan529 PanBankruptcyBudgetBusiness PlanCash FlowCentral BankCredit CardCredit UnionDay TradingDebit CardDebt ConsolidationDeposit AccountDividendEconomyEmployee BenefitsEmployee Stock OptionEntrepreneurFinancial AdvisorFinancial PlannerHard Money LenderHealth InsuranceHedgeIRAInsuranceInterestInvestmentLife InsuranceLoanMicrocreditMoneyMortgageMortgage LoanPawnbrokerPensionPortfolioRetirement PlanReturnsRiskSalarySocial SecuritySpeculationStock BrokerStock ExchangeStock MarketWageWarrant
Mortgage
Participants and variant terminologyMortgage lenderBorrowerOther participantsMortgage by demiseMortgage by legal chargeEquitable mortgageHistoryForeclosure and non recourse lending
Participants and variant terminologyMortgage lenderBorrowerOther participantsMortgage by demiseMortgage by legal chargeEquitable mortgageHistoryForeclosure and non recourse lending
Foreclosure and non-recourse lending
In most jurisdictions, a lender may foreclose on the mortgaged property if certain conditions — principally, non-payment of the mortgage loan — apply. Subject to local legal requirements, the property may then be sold. Any amounts received from the sale (net of costs) are applied to the original debt.In some jurisdictions, mortgage loans are .
Specific procedures for foreclosure and sale of the mortgaged property almost always apply, and may be tightly regulated by the relevant government. In some jurisdictions, foreclosure and sale can occur quite rapidly, while in others, foreclosure may take many months or even years. In many countries, the ability of lenders to foreclose is extremely limited, and mortgage market development has been notably slower.
In 2008, 5.6% of all mortgages in the United States were delinquent.