Mortgage Laws and Contracts - 1536 are balanced with those of borrowers. Despite these differences, mortgage laws in the United States date back to American history. However, to better understand how fraudulent mortgage activity occurs, it is essential to trace the history of mortgage laws in the United States, including how states have adopted the laws that currently govern security instruments. real estate such as trust deeds and mortgages, as well as the causes of differences over time. required for the borrower to repurchase the property before or after foreclosure. The word mortgage has been conned from a French term meaning death pledge; thus, the pledge ends when either the property is seized through seizures or the obligation to pay the required amount within a specified period is fulfilled (The Free Dictionary, 2013). The history of American mortgage laws begins in medieval England, where mortgages were based on the title theory of mortgage law. Early English laws were derived from civil law and the Roman mortgage (Kent, 1830). The debtor retained the property while the creditor (the lender) was entitled to action hypothecaria (taking possession when the debtor was in default). Kent (1830) states that under civil law, a pledge cannot be negotiated without judicial approval, unless there is a special agreement. Under the title theory of mortgage law, a lender has the right to formal ownership of the property for the term of the mortgage (Kent, 1830). However, borrowers legally own the property during the term of the mortgage under the lien theory (Gadow, 2000). During this period, all interest lending us...... middle of paper ......te? EscrowHelp.com. Retrieved from http://www.escrowhelp.com/articles/20000317.html Ghent, A. (2012). The historical origins of American mortgage laws. Research Institute for Housing in America. Retrieved from http://www.housingamerica.org/RIHA/RIHA/Publications/82406_11922_RIHA_Origins_Report.pdf Kent, J. (1830). Commentaries on American Law (1826-30). The Laws of Nature and Nature's God, IV (6), Lecture 57. Retrieved from http://www.lonang.com/exlibris/kent/kent-57.htmNewman c. Jackson. (1827). 25 US 570. United States Supreme Court Justia Center. Retrieved from http://supreme.justia.com/cases/federal/us/25/570/Obringer, L A. and Roos, D. (2002). How Mortgages Work. HowstuffWorks.com. Retrieved from http://home.howstuffworks.com/real-estate/mortgage.htmThe Free Dictionary. (2013). Mortgage. The free dictionary.com. Retrieved from http://www.thefreedictionary.com/mortgage

Essay / Mortgage Laws and Contracts - 1536 are balanced with those of borrowers. Despite these differences, mortgage laws in the United States date back to American history. However, to better understand how fraudulent mortgage activity occurs, it is essential to trace the history of mortgage laws in the United States, including how states have adopted the laws that currently govern security instruments. real estate such as trust deeds and mortgages, as well as the causes of differences over time. required for the borrower to repurchase the property before or after foreclosure. The word mortgage has been conned from a French term meaning death pledge; thus, the pledge ends when either the property is seized through seizures or the obligation to pay the required amount within a specified period is fulfilled (The Free Dictionary, 2013). The history of American mortgage laws begins in medieval England, where mortgages were based on the title theory of mortgage law. Early English laws were derived from civil law and the Roman mortgage (Kent, 1830). The debtor retained the property while the creditor (the lender) was entitled to action hypothecaria (taking possession when the debtor was in default). Kent (1830) states that under civil law, a pledge cannot be negotiated without judicial approval, unless there is a special agreement. Under the title theory of mortgage law, a lender has the right to formal ownership of the property for the term of the mortgage (Kent, 1830). However, borrowers legally own the property during the term of the mortgage under the lien theory (Gadow, 2000). During this period, all interest lending us...... middle of paper ......te? EscrowHelp.com. Retrieved from http://www.escrowhelp.com/articles/20000317.html Ghent, A. (2012). The historical origins of American mortgage laws. Research Institute for Housing in America. Retrieved from http://www.housingamerica.org/RIHA/RIHA/Publications/82406_11922_RIHA_Origins_Report.pdf Kent, J. (1830). Commentaries on American Law (1826-30). The Laws of Nature and Nature's God, IV (6), Lecture 57. Retrieved from http://www.lonang.com/exlibris/kent/kent-57.htmNewman c. Jackson. (1827). 25 US 570. United States Supreme Court Justia Center. Retrieved from http://supreme.justia.com/cases/federal/us/25/570/Obringer, L A. and Roos, D. (2002). How Mortgages Work. HowstuffWorks.com. Retrieved from http://home.howstuffworks.com/real-estate/mortgage.htmThe Free Dictionary. (2013). Mortgage. The free dictionary.com. Retrieved from http://www.thefreedictionary.com/mortgage

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