mortgage

Definitions

  • WordNet 3.6
    • v mortgage put up as security or collateral
    • n mortgage a conditional conveyance of property as security for the repayment of a loan
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Webster's Revised Unabridged Dictionary
    • Mortgage (Law) A conveyance of property, upon condition, as security for the payment of a debt or the preformance of a duty, and to become void upon payment or performance according to the stipulated terms; also, the written instrument by which the conveyance is made.
    • mortgage etc., to have a copy of the same entered in the records of the office designated by law, for the information of the public.
    • Mortgage Hence: To pledge, either literally or figuratively; to make subject to a claim or obligation. "Mortgaging their lives to covetise.""I myself an mortgaged to thy will."
    • Mortgage State of being pledged; as, lands given in mortgage .
    • Mortgage (Law) To grant or convey, as property, for the security of a debt, or other engagement, upon a condition that if the debt or engagement shall be discharged according to the contract, the conveyance shall be void, otherwise to become absolute, subject, however, to the right of redemption.
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Century Dictionary and Cyclopedia
    • n mortgage At common law (and according to the present rule in some of the United States, and in form in nearly all, if not all, the States), a conveyance of real estate or some interest therein, defeasible upon the payment of money or the performance of some other condition.
    • n mortgage By the law of most of the United States, a lien or charge upon specific property, real or personal, created by what purports to be an express transfer of title, with or without possession, but accompanied by a condition that the transfer shall be void if in due time the money be paid or the thing done to secure which the transfer is given. It differs from a pledge in that it is not confined to personal property, and in that it is in form a transfer of title, while a pledge is of chattels and is usually a transfer of possession without the title, but with authority to sell and transfer both title and possession in case of default. (See pledge.) At common law a mortgage was regarded (as in form it is still almost universally expressed) as actually transferring the title. (See , above.) Courts of equity established the rule that a mortgager of real property could, by payment or performance, redeem it even after default, at any time before the court had adjudged his right foreclosed or the mortgagee had caused a sale of the property to pay the debt (see equity of redemption, under equity); consequently mortgages ceased to be regarded in most jurisdictions as a transfer of the title, and are now generally held to create a mere lien, although the form of the instrument is unchanged. The term mortgage is applied indifferently
    • n mortgage A state or condition resembling that of mortgaged property.
    • mortgage To grant (land, houses, or other immovable property) as security for money lent or contracted to be paid, or other obligation, on condition that if the obligation shall be discharged according to the contract the grant shall be void, otherwise it shall remain in full force. See mortgage, n., 1.
    • mortgage To pledge; make liable; put to pledge; make liable for the payment of any debt or expenditure; put in a position similar to that of being pledged.
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Chambers's Twentieth Century Dictionary
    • n Mortgage mor′gāj a conditional conveyance of or lien upon land or other property as security for the performance of some condition, as the payment of money, becoming void on the performance of the condition: the act of conveying, or the deed effecting it
    • v.t Mortgage to pledge as security for a debt
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Quotations

  • Marvin Kitman
    Marvin Kitman
    “A coward is a hero with a wife, kids, and a mortgage.”
  • Earl Wilson
    Earl Wilson
    “Modern man drives a mortgaged car over a bond-financed highway on credit-card gas.”

Etymology

Webster's Revised Unabridged Dictionary
F. mort-gage,; mort, dead (L. mortuus,) + gage, pledge. See Mortal, and Gage

Usage

In literature:

Mr. Greenleaf holds the mortgage and Alec is desperately afraid he will foreclose.
"Rainbow Hill" by Josephine Lawrence
He has had to mortgage dear old 'Forest House,' and if he doesn't get a lot more money by fall, 'Forest House' will have to be sold.
"Madge Morton's Victory" by Amy D.V. Chalmers
I've heard he's got a big mortgage on his residence and is going down hill generally.
"A Black Adonis" by Linn Boyd Porter
It was Le Gros who held the mortgage, I further gleaned.
"A Village of Vagabonds" by F. Berkeley Smith
The garage would, with the mortgage deducted, be worth nearly two thousand.
"Free Air" by Sinclair Lewis
She had been so sure that she was escaping the hell of mortgages and interest when she married.
"The Wind Before the Dawn" by Dell H. Munger
I hold a mortgage for two thousand dollars on his farm.
"The Young Adventurer" by Horatio Alger
Every moment had its duties, and the thought of the mortgage held us to our task.
"Lorimer of the Northwest" by Harold Bindloss
His parents mortgaged the Shirley House to get money to keep his doings quiet.
"Winning the Wilderness" by Margaret Hill McCarter
The entire mischief arose from not having renewed the registration of the mortgage within the proper time.
"Sentimental Education, Volume II" by Gustave Flaubert
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In poetry:

"For Thoo dost knaw about my lads,
'At my owd lass is ailin',
'At t' farm is mortgaged up to t' roof,
An' hay an' roots is failin';
"Farmer Hodgson's Prayer" by Dorothy Una Ratcliffe
"We've had such hard, hard times this year
For goblins! Never knew the like.
All Elfland's mortgaged! And we fear
The gnomes are just about to strike.
"The Hard Times In Elfland [A Story of Christmas Eve]" by Sidney Lanier
Yea, Master of this ruined house,
The mortgage closed, outruns the lease;
Long since is hushed the gay carouse,
And now the windowed lights must cease.
"The Last Prayer" by William Wilfred Campbell
How shall you speak to urge your right,
Choked with that soil for which you lust?
The bit of clay, for whose delight
You grasp, is mortgaged, too; Death might
Foreclose this very day in dust.
"The Landlord" by James Russell Lowell
I'm a broken-down old squatter, my cash it is all gone,
Of troubles and bad seasons I complain;
My cattle are all mortgaged, of horses I have none,
And I've lost that little freehold on the plain.
"The Freehold on the Plain" by Anonymous Oceania
I care not much for gold or land;—
Give me a mortgage here and there,—
Some good bank-stock, some note of hand, Or trifling railroad share,—
I only ask that Fortune send
A little more than I shall spend.
"Contentment" by Oliver Wendell Holmes

In news:

Some bad ideas have come out of California, but the notion of using eminent domain to seize mortgages from private investors is one of the worst.
Seizing private mortgages to sell to other private investors.
National mortgage lender, AME Financial Corp.
Couple trying to refinance mortgage finds foreclosure notation on their title.
Every month since they bought their new home in July 2009, Daniel and Sarah Shepard have paid their mortgage on time.
First Mortgage to Rework Voice and Data.
Mortgage rules exacerbating slump in B.C.
We've reported on the program about the mysterious organization called MERS, that ended up holding almost 60% of all the home mortgages written in this country.
Struggling to pay your FHA mortgage.
Mortgage broker pleads guilty to fraud, admits falsifying loan documents.
PLANO — Four Texans are charged with using fake military documents in a mortgage fraud scheme and then using at least one of the homes involved to grow marijuana, federal officials said Thursday.
A weak housing market and economy could mean more trouble for the government's mortgage insurer.
First it was the big banks with their failed "credit-default swap" schemes and subprime mortgage meltdown.
FICO Introduces New Mortgage Credit Score.
On this year's list, the government-controlled mortgage giant slipped to No.
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In science:

Valuation of mortgage backed securities using Brownian bridges to reduce effective dimension. J.
Local antithetic sampling with scrambled nets
Home ownership distribution is shown on Fig. 5. The meaning of signs on a figure is following: 1 – owned by someone in this household with a mortgage or loan; 2 – owned by someone in this household free and clear (without a mortgage or loan); 3 – rented for cash rent; 4 – occupied without payment of cash rent.
Clustering with Prototype Extraction for Census Data Analysis
Valuation of mortgage backed securities using Brownian bridges to reduce effective dimension. J.
Optimal randomized multilevel algorithms for infinite-dimensional integration on function spaces with ANOVA-type decomposition
For example, when we go to the bank to negotiate a mortgage, we start with the amount we want to borrow and indicate for how many years we want the loan and then solve equations that tell us what the monthly payment is going to be.
The Equational Approach to CF2 Semantics
These results apply to a specific model used for pricing Mortgage-Backed Securities and allow a complete justification of use of the classical Ito’s formula.
Regularity Results for a class of Semilinear Parabolic Degenerate Equations and Applications
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