Which of the following is false with regard to mortgages on land?
◦ The right to foreclose is a remedy from the court of equity that allowed the mortgagee the right to end the mortgagor's equitable right to redeem the property after default.
◦ The courts of equity have given the borrower (mortgagor) the right to redeem his property even after default if he makes the appropriate payments.
◦ If the borrower (the mortgagor) is paying and otherwise honouring the terms of the mortgage, he is entitled to no interference with his use of the property by the mortgagee.
◦ A mortgage is a contract between a lender and a borrower that provides that the borrower not only gives the lender his promise to pay but also grants the lender title to his real property to hold as security.
◦ A second or third mortgagee is not affected if the first mortgagee obtains an order of foreclosure.
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