Mortgages and Mortgages in Belgium

What's a Mortgage?

A mortgage is a right granted to a creditor (eg a bank) on a property (or exceptionally on a property similar to a building such as a ship) as security for a debt, without the property owner which is the guarantee or dispossessed.

Mortgaged property is property that a creditor can seize if the debtor does not fulfill the primary obligation (eg deadlines are not paid) to put on sale, and be reimbursed by the preference selling price.

A mortgage is made through a notary in civil law jurisdictions. It is also open to lawyers in if not planned a run organization of the public convenience, or in some cases a judge. It is the subject of a registration in an official registry.

Reloading Mortgages

Reloading is for the borrower to use a mortgage originally included in the support of a first loan, usually real estate, to secure new debt.

The passage before a notary remains essential for any reloading: reloading mortgage is financially more interesting then taking a second mortgage until a certain threshold amount of the loan.

The borrower then interest to compare the costs and expenses of a personal loan of up to 12 years for reimbursement of amounts lower.

Mortgages in Belgium

Mortgage is a right in rem in immovable property, related to payment of a commitment, says the law literally. It is important to know what level a mortgage has, there may more than one mortgage at a good rest. Between the creditors themselves have a mortgage if he prevail on an earlier date in the registers of mortgages registered. Creditors held on the same day would be registered, have current mortgage, without distinction between the registration of the morning and the evening, even if such difference by the depository should be mentioned.