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When the price of a good is higher than the equilibrium price,
Title Theory
Title theory pertains to mortgage law where the mortgage lender holds title to the mortgaged property until the borrower has fully paid off the loan.
Mortgages
Legal agreements in which a lender lends money at interest in exchange for taking title of the borrower's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Mortgage
A legal agreement by which a bank, credit union, or other lender lends money at interest in exchange for taking title of the borrower's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Default
The failure to fulfill a legal obligation, such as not making a scheduled payment on a loan.
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