Mortgage – Per the meaning, applicable in the Property Law, this is a legal burden set-up on a real estate owned by the debtor, with the point to secure previously obtained money loan, usually by a local bank in the practice. The mortgage serves the interests of the credit lender. The mortgage secures the debt towards the creditor/the lender and it should be removed via specific application once the debt is paid or the action is executed. The person lending the money and receiving the mortgage is called the mortgagee; the person who concedes a mortgage as security upon their property is called a mortgagor. Some Continental (European) Law systems stipulate two kinds of mortgages – statutory or contractual mortgage.

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