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Langara College (1,809)
FMGT 1116 (41)
E.Hamer (38)
Lecture

MORTGAGE LAW.docx

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Department
Financial Management
Course
FMGT 1116
Professor
E.Hamer
Semester
Summer

Description
MORTGAGE LAW Equity of Redemption – when you pay the bank all of the debt (principle and interest), the bank must remove the mortgage from title of the house Equity – as used in the real estate industry Fair market value of the property (FMV) First mortgage: $700,000 Second: $625,000 – Debt registered on title of property (debt) -$ 600,000 -$600,000 ___________________________________ ________ ________ = Equity $100,000 $25,000 If FMV drops and second mortgage is $50,000, equity would not be enough to co
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