Azerbaijan state university of economics unec sabah center

CHAPTER 1. THEORETICAL ASPECTS ON THE ECONOMIC REGULATION OF MORTGAGE RELATIONS

1. 
   Formation and development of mortgage relations in the market economy
   

A Mortgage is a debt instrument, verified by the guarantee of indicated land property, that the borrower is obliged to pay back with a foreordained set of payments. Mortgage is utilized by people and organizations to make extensive land buys without paying the whole price amount in advance. Over many years, the borrower repays the credit, plus interest, until person owns the property free and clear. Mortgage is otherwise called “liens against property” or “claims on property”. If the borrower quits paying the home loan, the lender can foreclose.