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If a mortgage servicer has its license suspended due to a violation of michigan law, it is permitted to continue servicing loans according to existing contracts for a period of up to 6
What is mortgage?
A mortgage is an arrangement between you and a lender that gives the lender the right to repossess your property if you fail to repay the loan plus interest. Mortgage loans are used to purchase a property or to borrow money against the value of an existing home. There are seven things to look for in a mortgage.
A mortgage is a sort of loan, however mortgages are not all loans. Mortgages are loans that are "secured." A secured loan requires the borrower to pledge collateral to the lender in the event that they fail to make payments. The collateral in the case of a mortgage is the residence.
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