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Tags: law
Categories: Economics & Finance
A real property that has been used as collateral for a debt. The mortgage lien remains on the property until the debt is paid. Generally the legal agreement signed by the mortgagor gives the lender the right to take possession of the property and sell it if the loan is not paid. That process is called a foreclosure.
(source: http://wiki.answers.com/Q/What_is_Mortgaged_property&src=ansTT)
