mortgagor

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mortgagor

n. the person who has borrowed money and pledged his/her real property as security for the (mortgagee). (See: mortgage, mortgagee)

mortgagor

see MORTGAGE.

MORTGAGOR, estate's, contracts. He who makes a mortgage.
     2. He has rights, and is liable to certain duties as such. 1. He is quasi tenant, at will; he is entitled to an equity of redemption after forfeiture. 2. He cannot commit waste, nor make a lease injurious to the mortgagee. As between the mortgagor and third persons, the mortgagor is owner of the land. Dougl. 632; 4 McCord, R. 310; 3 Fairf. R. 243; but see 3 Pick. R. 204; 1 N. H. Rep. 171; 2 N. H. Rep. 16; 10 Conn. R. 243; 1 Vern. 3; 2 Vern. 621; 1 Atk. 605. He can, however, do nothing which will defeat the rights of the mortgagee, as, to make a lease to bind him. Dougl. 21. Vide Mortgagee; 2 Jack. & Walk. 194.

References in periodicals archive ?
Mr Humphreys said: "The enhancement of Mabs' role will provide greater support for distressed mortgage holders in their dealings with their lenders.
mortgage holders bears close watching due to its potential impact on both the lending and housing industries.
So while the MAS's research found that nearly half of mortgage holders would find it hard to meet a PS150-a-month increase in their payments, this level of rise equates to a 2% point increase (to the average mortgage), something unlikely to happen until around 2018 - by which time earnings are also expected to have increased.
So, while the MAS's research found that nearly half of mortgage holders would find it hard Reassuringly, research by the Council of Mortgage Lenders (CML) has found that, for most people, the widely expected scenario of gradual rate increases is likely to be manageable.
The report expressed most concern for the one in 10 mortgage holders who fall into both of these categories.
One reason for this could be a widespread lack of awareness among mortgage holders on the current details of their loan.
This increases to 20 per cent for mortgage holders aged under 34 - those likely to have the longest term and the most to gain from paying their mortgage off early.
STRUGGLING homeowners were today given a boost when Northern Rock announced it will no longer be rapidly offloading mortgage holders.
There are also suggestions of a new three-month-grace period for mortgage holders struggling to keep up with their repayments before repossession proceedings kick in.
7m people, the equivalent of 14% of all mortgage holders, could find themselves in the same situation if house prices fall by a further 17%.
IF you are one of the threequarters of mortgage holders who pay too much for your loan, book a seat at a free seminar next month.
The Durst Organization maintains that its existing mortgage insurance on Four Times Square (located on the east side of Seventh Avenue, between 42nd and 43rd Streets) fulfills all of its legal obligations to the mortgage holders.

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