VIEWS: 30,198 PAGES: 6 CATEGORY: Mortgages and Home Equity POSTED ON: 7/2/2009
This is an agreement between a lender and a borrower whereby the borrower grants the lender the right to foreclose on the property if the borrower defaults on their payment obligations. This is considered a security agreement where the borrower uses the property as collateral for the loan. This agreement grants the borrower a grace period and gives them the opportunity to cure the default before foreclosure proceedings are instituted. This agreement is ideal for individuals or entities that want to provide security for a loan on a specific piece of property.