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Blanket Mortgage Blanket mortgage refers to single mortgage that covers more than two pieces of real estate as the security for the same mortgage. At times, a tract of land is subdivided into lots and the blanket mortgage is obtained on the whole tract. Similarly a release provision in the mortgage allows the developer to sell out those separate lots over a period of time without retiring the entire mortgage. At times, it is also called as blanket loans. Generally the client will purchase several parcels of property which are used by developers those who have purchased a single tract of land for sub dividing it into individual parcels. In blanket loan, the developer requires a partial release clause in order to release the individual parcels from the blanket mortgage as and when they are sold . In simple words, the blanket mortgage refers to the mortgage that covers more than one parcel of land owned by the same buyer. More terms explained |
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