 Sam
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Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
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 Posted: Tue Jun 29, 2004 10:24 pm Post subject: Alliance Mortgage |
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Alliance Mortgage is a formal agreement between a borrower and the lender, which permits the borrower to retain possession of the property.
Features of alliance mortgage are as following:
- Equity Redemption facility - It offers a borrower, the facility of equity redemption in mortgaged real property.
- Ownership-Here the borrower enjoys ownership of the property.
- Obligations Specification - It comes with certain stated specifications. The borrower is in default when he fails to meet other obligations specified in the bond or mortgage.
- Foreclosure Criteria - Here the foreclosure is affected only if the borrower fails to make payment of the mortgage debt at the proper time.
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