What is the difference between a legal charge and a mortgage?

Asked By: Celine Mosciski
Date created: Fri, Apr 16, 2021 7:55 AM
Best answers
Answered By: Ofelia Monahan
Date created: Sat, Apr 17, 2021 5:48 AM

A mortgage is a loan secured by real property.A legal charge in some jurisdictions is the right a lender has to take that property if the loan is not paid back.

Answered By: Scottie Moen
Date created: Sun, Apr 18, 2021 2:37 AM
Basically, there are three ways through which charge is created on the property, that are classified according to the movability of the asset, i.e. On movable property, the charge is created by way of pledge or hypothecation, whereas when the charge is created on an immovable asset, then it is known as Mortgage.
Answered By: Marcelle Hartmann
Date created: Mon, Apr 19, 2021 7:31 AM
A mortgage on immovable property is created by the act of parties i.e. the lender or the borrower. Whereas a charge is created by the act of parties i.e. the charge creator or the charge holder or by the operation of law. Personal liability. A mortgage creates a personal liability on the borrower i.e. the mortgagor for the repayment of the debt unless it is expressly mentioned otherwise in a contract.
Answered By: Dusty Harvey
Date created: Tue, Apr 20, 2021 9:13 PM
The mortgage is on an immovable property while a charge is on a movable property. In charge, ...
Answered By: Darlene Wyman
Date created: Wed, Apr 21, 2021 4:42 AM
Mortgage vs Charge. The difference between Mortgage and Charge is that mortgage is the transfer of interest to the borrower by the lender on a trust basis. The borrower promises to pay back the mortgage amount in due time. A charge is the use of an asset as security when the borrower defaults the re-payment.
Answered By: Cristal Aufderhar
Date created: Wed, Apr 21, 2021 1:44 PM
A mortgage is different from a pledge in terms of asset ownership; in a mortgage the assets remain the property of the borrower, whereas in a pledge the assets will be delivered to the lender (lender will have legal title to the assets).
Answered By: Adolfo Beatty
Date created: Wed, Apr 21, 2021 4:10 PM
In most states, the transfer of interest to the mortgagee gives the mortgagee the right to take the property only if the mortgagor fails to pay as promised. However, a few states' laws hold that a mortgage is an actual transfer of title, and the mortgagee is the legal owner of the property until the mortgagor pays off his debt.
Answered By: Tyra Waelchi
Date created: Fri, Apr 23, 2021 1:59 AM
A legal mortgage is the mortgage company’s lien on your property that they hold in exchange for your monthly payments. Legal mortgages have all of their blanks filled in with correct information ...
Answered By: Lauryn West
Date created: Sat, Apr 24, 2021 10:02 AM
A charge is an agreement between the chargor and the chargee which gives the chargee a right to sell the asset and to apply the proceeds in discharging the obligations of the chargor. A charge is a useful means of creating a security over future assets. A charge (unlike a legal mortgage) can be created over future assets
Answered By: Maci Herman
Date created: Sat, Apr 24, 2021 12:42 PM
The lender for whom charge over assets is first created is called the holder of "first charge". Where a second loan is backed by the same assets on which a first charge already exists, the subsequent charge holder is called "second charge". This comes into effect once the holder of the first charge has sold the assets and received their dues.
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What are average auto loan rates?

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5.27%

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What are current student loan rates?

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What are the interest rates for federal student loans?

Undergraduate BorrowersGraduate or Professional BorrowersParents and Graduate or Professional Students
2.75%4.30%5.30%
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