Securing Debt Repayment: The significance of mortgages as security for debt settlement in Ghana
"Once a Mortgage, Always a Mortgage." Introduction A mortgage is a creation of an interest in (originally the conveyance of) real or personal property by a debtor/borrower (the mortgagor) to a creditor/lender (the mortgagee) as security for a monetary debt on the condition that the interest shall be extinguished on payment of the debt within a certain period. It is a contractual agreement in which immovable property, such as a house or land, serves as security for the repayment of a debt or the fulfillment of other obligations. The essence of a mortgage, therefore, lies in its ability to provide borrowers with...
