once a mortgage, always a mortgage

once a mortgage, always a mortgage

A maxim signifying the rule that an instrument originally intended as a security instrument cannot be converted to a deed.It has reference to the practice of amending a mortgage to give up a right of redemption or an equity of redemption and thereby give permanent legal title to the lender.Parties may accomplish the same result,but they must do so in a separate legal instrument with its own consideration and the passage of title as of that date and time.Otherwise,the lender must foreclose to obtain full legal title.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.