What is a mortgage deed? - Posted by Bob

import · February 21, 2005, 9:58am

Posted by Bob on February 22, 2005 at 07:52:33:

That sounds exactly like a mortgage, right?

So I guess someone just decided to call a ‘mortgage’ a ‘mortgage deed’, correct?

Bob

import · February 21, 2005, 9:58am

What is a mortgage deed? - Posted by Bob

Posted by Bob on February 21, 2005 at 10:58:06:

I was looking at the mortgage for my house this morning, which I purchased in 2000. The mortgage was an ‘Open-end Mortgage’, on an FNMA Form 3007.

I looked at the current version of the same form, and it has changed to an ‘Open-end Mortgage Deed’.

I always thought a mortgage and a deed were two different animals. Could someone explain what a mortgage deed is?

Also, I notice that the Form 3007 is used for an owner-occupied property. What would be the correct form to use for a non-owner-occupied property, like for a rehab, for example?

Thanks,

Bob

import · February 22, 2005, 6:46am

Re: What is a mortgage deed? - Posted by River City

Posted by River City on February 22, 2005 at 07:46:37:

A mortgage deed can be used to mortgage property for the purpose of securing a loan. It gives your lender rights over your property until your loan is completely paid off. It also lays out in clear and concise language the loan?s terms and conditions.

import · April 21, 2006, 8:02am

Re: What is a mortgage deed? - Posted by Mary

Posted by Mary on April 21, 2006 at 08:02:52:

If the loan is from a family member and there is mortgage deed in place for loan but the family member is only requiring it to be there for 1 year. Can it be moved after that time?