What is the situation that the house in the first phase of Luoyang Wanhongyuan has been mortgaged?

The first-phase house mortgage of Luoyang Wanhongyuan means that the property right of the house has been mortgaged to an institution or individual, which means that the ownership of the house temporarily belongs to the mortgagee rather than the owner. This happens when the owner needs to borrow money, mortgage the house as collateral to the borrowing institution or individual to ensure the safety and legality of the loan. The house has been mortgaged, and the owner can still live and use the house, but the owner needs to repay the loan principal and interest on time to release the mortgage and restore the ownership of the house. If the owner fails to repay the loan on time, the mortgagee has the right to sell the house through legal procedures to make up for the debt.