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 Mortgage is defined as an act which involves the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by the way of loan, an existing or future arrears or the performance of an engagement which may give rise to financial liability.

What are the types of mortgages?

There are many types of mortgages. Out of all the types, we are going to discuss 6 types of mortgages.

Simple Mortgage:

The first type of mortgage is referred as simple mortgage. In this type of mortgage, the mortgagor must have to bind himself to pay back his loan. In this type of mortgage, the possession of your property remains in your hand. The possession is not handed to the lender.

Mortgage by Conditional Sale:

It is the 2nd type of mortgage. In this type, the mortgagor apparently sells the property which is mortgaged. This type involves the condition in which a date is set up to which the money must be paid back. If the mortgagor fails to pay back the money on the settled date then the sale will become absolute and if the mortgagor succeeded in paying back the amount settled then the buyer must have to re transfer the property to mortgagor.

Unsufructuary Mortgage:

It is the type of mortgage in which the possession is transferred to the mortgagee. The mortgagee can get rents and profits. There is no time limit for the repay. It means that the sale cannot be made absolute.

English Mortgage:

It is the 4th type of mortgage. In this type of mortgage, the mortgagor must have to pay back the loan on a certain day. If the mortgagor fails to pay back the money then property must be transferred absolutely to the lender.

The main difference between the English mortgage and the mortgage which is by conditional sale is that in English mortgage, the mortgagor binds himself personally to repay the loan.

Mortgage By Deposit of Title Deeds:

This is the 5th type of mortgage and is usually acted in England and India. The essential things required for such kind of mortgage includes:

It is necessary that there should be a debt present.

The deposit of title deed with the lender is the necessary part of such kind of mortgage.

Anamolous Mortgage:

It is the 6th type of mortgage. It is defined as the mortgage which is not a simple or mortgage or mortgage by conditional sale.

If you are interested in mortgages then you should contact a company like Sun West Mortgage which is trust worthy and is not associated with any kind of fraud. The company should not have any kind of history of fraud. Sun west mortgage company Inc. is a company which is very famous for mortgfges. It is a company for residential and commercial. They offer several kinds of forms which offer several kinds of assistance programs. The programs include reinstatement programs and principal reduction programs. It was founded in 1980 and is not associated with any kind of fraud. It does not have any fraud history. If you are unemployed or interested in any kind of mortgage then you should contact Sun west mortgage company Inc.. The company will not disappoint you for sure.

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