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How Mortgage Payments Work
The practice of borrowing money to obtain property goes back more than 1,000 years to medieval England. At that time the law first started to codify both the rights of the lender and the rights of the borrower in such transactions. The early settlers to America brought the English system with them. But mortgages at that time were very different than today. Then a mortgage typically called for 50% down and reached maturity after a scant 5 years.
The mortgage as we currently understand it came about during the Great Depression of the 1930s. At that time down payments were cut to 20% and the repayment period greatly extended in an attempt to stimulate home sales in particular and economic activity in general. Today, the mortgage is one of the pillars of our financial system with Americans owing in excess of $15 trillion on their mortgages.
With all that mortgage debt floating around it’s inevitable that there will be people who find themselves unable to make a pending mortgage payment. Perhaps they were laid off from their job. Perhaps they encountered a significant medical expense. Or perhaps their business took a hit due to circumstances beyond their control.
Whatever the cause, however, the specter ... more

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