Because the home serves as collateral for the mortgage, the mortgage is called a âœsecured loan.â The amount of the lien is the outstanding amount of the mortgage. So long as the borrower pays to the lender regular installments on the mortgage, which consist of a small amount of the principal plus outstanding interest, the borrower is allowed to live in the home.
Most people who we think of as âœhomeownersâ are actually in the situation just described. They are borrowers who pay monthly installments to a lender who holds a security interest in the form of the mortgage on the home.
If you want to sell a house that is in Foreclosure then we can help. We buy houses that are behind on payments or in forclosure. Give us a call at (202) 503-2783.
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