and interest.

Lenders, when the interest is met, are content to let the mortgage
run on as an investment, though it will often be found, in such
cases, that it is better to make a new mortgage.

EQUITY OF REDEMPTION

Where the payments on a mortgage have not been met and the
instrument has not been foreclosed, the mortgagor has still what
is known as an "equity of redemption."

In some states after the foreclosure of the mortgage and the sale
of the property there is still a period of redemption of from
sixty days to six years.

The mode of foreclosure differs in some states. The usual method
is to foreclose on an order from the court, and to have the sale
conducted by a court officer.

The proceeds from the sale are used to pay the principal,
interests and costs. If there is money left over it is paid to the
mortgagor, whose interests in the property are then at an end.

Many people, not familiar with business methods, are inclined to
regard a mortgage as something of a disgrace, when, as a matter of
fact it is a most usual and honorable means of raising money for
the securing of a home or the conducting of a business.

Nearly all of the great railroads of the country have been built