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Real Estate
Property consisting of land or buildings, and the natural resources of the land including uncultivated flora and fauna, farmed crops and livestock, water, and mineral deposits.
Mortgage Debt
The amount of money borrowed to purchase a property, which the borrower is obligated to repay with interest to the lender, typically secured by the property itself.
Equity of Redemption
The right of a borrower to reclaim their property pledged as collateral upon full repayment of the debt prior to foreclosure.
Foreclosure
The legal process by which a lender obtains the property used as collateral for a loan, typically due to the borrower's failure to make payments.
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