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Mortgagor

   Also found in: Dictionary/thesaurus, Medical, Financial, Encyclopedia, Wikipedia 0.01 sec.

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

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.
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He had failed to act with professional competence, diligence and due care, and to act with the integrity required (members should not recklessly make a statement that is misleading, false or deceptive), when making reports to a client's mortgagor and when preparing that client's annual accounts.
Disciplinary committee by Financial Management (UK)
Foreclosure on the other hand is when the mortgagor is unable to make the necessary payments at the time set by the lender.
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