![]() ![]() One of the earliest accounts of mortgage law stems from ancient India in the form of the Code of Manu, an ancient Hindu script that rejects deceptive and fraudulent mortgage practices. ![]() The pledge became “dead' when the borrowing party could or could not meet the agreement. During these times, the “mortgagor' would make an agreement with a “mortgagee' to exchange property for repayment over time. Many scholars hypothesize that debtors swore a pledge to obtain property before the advent of the mortgage. Mortgage history has its roots in ancient civilization. The Perspective of the Mortgage Process Throughout History Both the debtor and lender benefit if nothing goes awry. The mortgage process entails the granting of monies to obtain a home with good faith that the debtor will repay the loan with interest attached to life of it. Nevertheless, mortgages remain as the primary form of lending when it comes to property transactions. The mortgage history in the United States has been fraught with booms and busts that have enriched and devastated families affected by recessions and depressions. The mortgage market has evolved with ever-changing face of real estate. Only a slim margin of the middle class can outwardly afford to purchase a home without applying for a mortgage to achieve what many pursue to make a reality. One of the factors underlining the American Dream consists of purchasing and officially owning a house.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |