Activities of the U.S. Attorney General in the Field of the Mortgage Law

Due to the lack of finances a lot of people use mortgage as the means of buying something too expensive for them to pay cash immediately. A mortgage is the transfer of an interest in land in order to secure a loan or other obligation. It is commonly used as method of financing transactions with real estate. The party transferring the interest in land is called mortgagor. The provider of the interest or loan given in exchange for the security of obligations (usually a financial institution) is called mortgagee. Breaking of payment rules results in the foreclosure of the mortgage. Foreclosure enacts the mortgagee to declare that the entire mortgage debt must be paid immediately. An acceleration clause in the mortgage is the basis for this demand. On the whole, the foreclosure process is determined by state law and the terms of the mortgage. Commonly, the cases are brought to court - judicial foreclosure, - or the mortgagee may be granted the power to sell the property. Usually state laws allow late payments to avoid foreclosure. 

There are three theories as for the party which has legal title to a mortgaged property. 
The title theory states that the title to the security interest rests with the mortgagee. But the majority of states keeps to the lien theory according to which the mortgagor has the legal title unless there is foreclosure. The third approach applies the lien theory until there is a default, and then the title theory is to be applied. It is the intermediate theory.

Both the mortgagor and the mortgagee generally are allowed to transfer their interest in the mortgage. The Law of Contracts and Property governs the transfer of the mortgagee's interest. 
If the foreclosed mortgage is not the only lien on the property, so the state law determines the advantage of the property interests. If you unfortunately have got problems with mortgage, ask a professional attorney for help to be sure that your interests would be protected. In this case you will need assistance of the real estate attorney.

A mortgage can be a negotiable instrument, in this situation it is governed by Article 3 of the Uniform Commercial Code. Thus a mortgage may be a security interest for the mortgagee.
The mortgages processes are regulated by state and federal laws, which are followed by special departments: for example the Office of Thrift Supervision, an office in the Department of the Treasury are concerned about federal law, the National Credit Union Administration, the Federal National Mortgage Association, and others also work at federal level. 

As you see, it is rather difficult to be competent in all the points but you may always use qualified help of the U.S. Attorney General who will interpret the law for your benefit.