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I certainly would condider them a "mortgage". To me, the definition of "is it a mortgage" is whether there is a mortgage lien recorded on the land record that gives the lien holder the right to prevent conveyance and to foreclose.
If it looks and acts like a mortgage, it's a mortgage.
Real estate secured lines-of-credit (HELOCs) are recorded, so they are mortgages. The various rules for TILA, RESPA, HMDA, etc may vary because they are generally revolving, but as far a handling short sales is concerned, they are mortgages, just like a fixed installment loan.
It short, it's a mortgage.
I certainly would condider them a "mortgage". To me, the definition of "is it a mortgage" is whether there is a mortgage lien recorded on the land record that gives the lien holder the right to prevent conveyance and to foreclose.
If it looks and acts like a mortgage, it's a mortgage.
Real estate secured lines-of-credit (HELOCs) are recorded, so they are mortgages. The various rules for TILA, RESPA, HMDA, etc may vary because they are generally revolving, but as far a handling short sales is concerned, they are mortgages, just like a fixed installment loan.
It short, it's a mortgage.
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