Mortgages: Theories and Redemption

This lesson lays the foundation for the advanced study of mortgages and financing that is based on the security of mortgage, mortgage variants, and mortgage substitutes.

Learning Outcomes

On completion of the lesson, a student will be able to:

1. List the three mortgage theories.
2. Explain who actually owns land that is subject to a mortgage.
3. Explain equity of redemption.
4. Explain when and why foreclosure is needed.
5. Describe the difference between judicial and power-of-sale foreclosures.
6. Distinguish between equity of redemption and statutory redemption.
7. Describe the effect of the Uniform Land Transactions Act (ULTA).
8. Describe the effect of the Uniform Land Security Interest Act (ULSIA).