Real Estate Terms Dictionary
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.
Here's a real-life example from one of the properties researched on PropertyShark:
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.