The assets are mortgaged in such a way that the mortgagor can deal with them without the concurrence of the mortgagee. |
If disaster strikes the debtor and the mortgaged securities but the surety remains capable of repaying the debt then the creditor loses nothing. |
He arrives at home to find that his family has become poor, because they have mortgaged everything to put him through college. |
His biggest fear is losing the heavily mortgaged family house, where he lives alone. |
Once again, Middle Britain is mortgaged to the hilt, spurred by the lowest interest rates in 38 years. |
The equity is perhaps a matter of argument, but the position is it is mortgaged but the mortgagees will give up their priority to the charge. |