This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: When someone secures a mortgage to be used to purchase real property what type of a legal obligation ... (Read 32 times)

brutforce

  • Hero Member
  • *****
  • Posts: 540
on: Jul 26, 2018
When someone secures a mortgage to be used to purchase real property what type of a legal obligation is he or she entering into and how does it obligate him or her financially?
 
  What will be an ideal response?

Question 2

What are mechanic's liens and how are they used by subcontractors and suppliers during the construction of a project?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

BUTTHOL369

  • Sr. Member
  • ****
  • Posts: 341
Reply #1 on: Jul 26, 2018
Answer to Question 1

When someone secures a mortgage they are entering into a legal obligation that is a collateralized loan that pledges property in order to secure the loan. If there is a default on the loan the lending institution could take possession of the collateral (the property).

Answer to Question 2

Mechanic's liens are used by contractors, subcontractors, and suppliers to provide proof of their services and nonpayment of the amount they are owed by owners. Mechanic's liens are filed at country courthouses and if property is sold part of the proceeds are used to pay the mechanic's liens.


brutforce

  • Member
  • Posts: 540
Reply 2 on: Jul 26, 2018
:D TYSM

milbourne11

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

There are more nerve cells in one human brain than there are stars in the Milky Way.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Surface magnetic field of SU Aur (a young star of T Tauri type), reconstructed by means of Zeeman-Do Surface magnetic field of SU Aur (a young star of T Tauri type), reconstructed by means of Zeeman-Do
This diagram shows a cross-section of a solar-type star. This diagram shows a cross-section of a solar-type star.
When the United States gets stuck over a controversial issue—usually something a divided Congress ca When the United States gets stuck over a controversial issue—usually something a divided Congress ca
Connections of a nitric acid plant, intermediate pressure type Connections of a nitric acid plant, intermediate pressure type
World Total Energy Consumption by Fuel Type World Total Energy Consumption by Fuel Type
Legal Environment of Business: Online Commerce, Ethics, and Global Issues (Cheeseman) Legal Environment of Business: Online Commerce, Ethics, and Global Issues (Cheeseman)
Video: Polymerase chain reaction PCR - Animation

For a complete list of videos, visit our video library