What is a mortgage and how does it affect owning real property?

A mortgage is an interest in land which provides security for the performance of a duty or payment of a debt. Some states apply the common law rule that the conveyance of real property is void and is defensible should the “owner” fail to make the payment. Many states recognize a mortgage as a mere lien (without conveying an interest in the land other than security or lien) and some states have adopted hybrid approaches.

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