The 'Lectric Law Library and RocketLawyer provide mortgage forms that you can print without charge. Justia and AllLaw also offer free printable mortgage forms. Do not use these or other legal documents without first consulting legal professionals as they may require modification to suit the laws in your particular locale, warns 'Lectric Law Library.Continue Reading
Mortgages are instruments that lenders use to generate claims on real property, explains U.S. Legal Forms. Mortgage forms do not create loans but instead create the interest in real property that secures mortgage loans in case of default. Mortgage loans thus refer to debt backed by the security interest that mortgage documents create. For this reason, if a borrower defaults and the property goes into foreclosure, the title to the property can legally transfer to a lender.
Typical users of mortgage documents include statutory lending agencies, such as Fannie Mae, and commercial mortgage lenders, notes U.S.Legal Forms. Individuals can also create private mortgages, a concept known as seller financing, owner financing or purchase money mortgage.
Some of the terms that mortgage professionals use are "assignment of mortgage," which refers to the transfer of a mortgage from the original lender to a third party; "mortgage modification," which refers to the adjustment of the original contract terms to prevent foreclosure; and "assumption of mortgage," which occurs when another party assumes the responsibility of making loan payments for the original borrower, states U.S. Legal Forms.Learn more about Credit & Lending