Real Estate Terms Dictionary




Correction Mortgage



Definition of 'Correction Mortgage'

A Correction Mortgage is a separate document recorded when substantial corrections need to be made to the original mortgage document.


What is a Correction Mortgage:

If there are minor corrections (like spelling or date corrections), recording an affidavit (formal written statement) is sufficient.

Example:


Here's a real-life example from one of the properties researched on PropertyShark:

Correction mortgage - example



References:
http://wiki.answers.com/Q/How_do_you_correct_a_recorded_mortgage



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Disclaimer:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.