When the stated time for payment, whether of principal or interest, has elapsed, and the conditions have not been complied with, foreclosure of mortgage may be commenced, and at the expiration of three years from such commencement, he may take absolute possession of the estate, unless mortgagor redeems it within that time;
He may insure mortgaged premises for his own protection.
The mortgagor:
He is not in possession of mortgaged premises by right, unless by special permission;
He must pay all amounts designated in the mortgage deed, at the time therein specified;
He may redeem the property at any time within three years after commencement of foreclosure, by paying amount due; with interest and legal costs.
He may sell his remaining interest (called equity of redemption), after mortgage transfer, or procure other mortgages on same property.
Personal Property.
Mortgages of personal property are much more informal in their execution than similar transfers of real estate. The transfer is a complete change of ownership title, with similar conditional clause, relative to payment, to that of a mortgage deed.
The several states make provisions for record of these conveyances, which are to be observed in order to insure the proper security of mortgagee’s title, since record has same significance with personal as with real estate mortgage transfers.