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 ?
Based on its finding that mortgage foreclosure actions are quasi in rem proceedings requiring the plaintiff to name the mortgagor, the court reasoned that the usual rules governing lawsuits against deceased persons should apply to the case.
Recognizing that housing is a basic human necessity, legislatures have granted certain rights to favour the mortgagor, rights that provide procedural safeguards and slow the foreclosure process.
Without a mortgagor financial representative, to whom the consumer can speak frankly and honestly, they'll continue to make costly mortgage decisions and may never know how costly some of those decisions are," says Mr.
And here's something to keep in mind: Even if the ARM already has been paid off, the mortgagor may still be able to recover overcharges.
Although it is restricted to only a small segment of the market, reverse mortgaging assumes that the low-cost mortgagor has counterpart funds invested in income earning assets yielding a return higher than the cost of his/her mortgage.
The tax consequences depend on the mortgagor's solvency and whether or not the mortgagor is personally liable for the debt.
The internet has already altered the way that mortgages are researched, as it has become very common for prospective mortgagors to compare prices and features from different lenders online.
The high court observed that section 15-1501 of the Mortgage Foreclosure Law, 735 ILCS 5/15-1501, specifies that mortgagors and certain others must be named as defendants in foreclosure proceedings but fails to address what procedure must be followed when the mortgagor has died.
The basis for its conclusion is that in a foreclosure action the proper defendant is the mortgagor, since it is his or her interest in the real estate that is the subject of a foreclosure action.
The borrower, the mortgagor, is entitled to those funds.
1 per cent of all flexible mortgagors had an annual household income of over GBP 40,000 in 2004/2005 compared to 35.
Richard Liebman, a partner in Liebman & Liebman of Rockville Center, said recently he is finding he can obtain a contract of sale for a property directly from the mortgagor in default while the bank brokers the deal.