Mortgage Lien

Definition

  • A legal claim against a mortgaged property which must be paid when the property is sold.

Synonyms
hold on property, mortgage claim, mortgage charge, security on property

Related Terms and Acronyms

  • Claim Definition,
    • A creditor's assertion of a right to payment from a debtor or the debtor's property.
  • Lien Definition,
    • A legal hold or claim of a creditor on the property of another.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
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