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8 August, 14:18

When you take out a mortgage your home becomes the collateral. true or false

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  1. 8 August, 15:26
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    True

    Explanation:

    A mortgage loan is done to purchase or create real state or by existing property owners to raise funds for any purpose, in both cases, while putting a lien on the property being mortgaged.

    The collateral will be the property, because is the item pledged to guarantee the repayment of a loan.

    Foreclosure or repossession:

    The act upon which the lender will take possession and sell the property to pay off the loan in the event the borrower fails to perform the payment in terms.
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