Standard Mortgage Charge

A type of mortgage where the mortgage lender has a claim against the property for the amount of the mortgage. The charge is registered as a lien on the property financed by the mortgage. This is the most common type of lien used by Canadian mortgage lenders. If the borrower fails to make the required payments, the lender can take legal action to enforce their rights under the mortgage charge and recover the amounts that are owed. Their legal remedies include a right to sell the property.