A mortgage deed is a document which gives a lender legal right and interest in a property. Generally, a borrower is pledging his home as security for a loan. The mortgage deed evidences the lender's ownership in the property. It operates very much the same as a mortgage or deed of trust. The lender can foreclose on the property if the debtor does not make timely payments.
It’s not required, but having a lawyer can help you understand the fine print and ensure everything is above board.
If you miss a payment, you may face late fees and your lender might reach out. If payments continue to be missed, they can initiate foreclosure.
If you're feeling the pinch, don't keep it to yourself! Reach out to your lender. They might have options to help you stay afloat.
Yes, you can sell your home even if you have a mortgage deed. Just keep in mind that you’ll need to settle your debt with the lender before handing over the keys.