The term mortgage comes from the Latin hypotheca, which originates in a Greek word. The word refers to a property that acts as a guarantee of the payment of a loan . This means that the property remains in the hands of its owner, although the creditor is in a position to promote its sale if the debt is not paid within the agreed term.
To ensure the collection of the debt, the creditor must make a claim, which will generate a conviction and will result in the judicial auction of the property. With that money, the creditor can collect the debt.
The mortgage is made up of three essential components: the capital (the amount of money that was lent by a loan ), the term (the time in which the repayment of the loan is agreed) and the interest rate (the additional percentage that the person who received the loan must pay, the interest is the profit of the lender).
The interest rate can be fixed(its value is unalterable during the term of the loan) or variable (the value is reviewed periodically). The variable interest rate is the one with the greatest risk for the debtor, since an economic crisis can cause the fee to be paid to shoot up.
In 2007 , the subprime mortgage crisis broke out in the United States , a type of mortgage granted to clients with low solvency. The banks granted these loans with high interest rates and high commissions; When his clients began to have difficulty paying, the system collapsed.
Mortgables and non-mortgageable assets
There is a comprehensive classification of assets that determines which of them are mortgageable and which are not.
Among the mortgageable assets are the properties subject to registration and the real rights that may be transferred.
The non-mortgageable assets are the employees of an establishment, unless they are mortgaged together with the place, the legal usufructs (except that which has been granted to the widowed spouse).
There are also other assets that are mortgageable under a special modality , they are: the right of usufruct (the mortgage will be extinguished when an event occurs that is alien to the will of the us or until the obligated obligation is fulfilled), the mere property (if the usufruct will be consolidated to the owner of the same, the mortgage will be extended in case it passes to other hands), the goods that have already been mortgaged (even those that were mortgaged under the pact of not mortgaging them again) and the right of voluntary mortgage (the mortgage will be extinguished when the owner so stipulates)
It is convenient to clarify that exceptions can also be raised on all laws, so it is convenient to study the agreements and the legislature in order to determine if it is possible and if it is convenient to carry out a mortgage.
It is worth mentioning that the mortgage right is indivisible , that is to say that it can not be shared and, even if the debt is divided or remitted, the mortgage is not extinguished. Theoretically, this has been designed in this way in order to guarantee the rights of a possible third party of a mortgaged property .
There are two concepts related to the mortgage that are:
* Grouping of mortgaged property : it is used when a farm is unified to another that is mortgaged to be added to said mortgage; in these cases the mortgage continues to be taxed to the original estate.
* Division of the mortgaged property : in case a mortgaged property is divided into two or more parts, the credit will not be divided unless agreed by the creditor and the debtor.
