mortgagor

(redirected from mortgagors)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.
Related to mortgagors: mortgagee, mortgager

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 ?
Prior to the ABN AMRO ruling, plaintiffs seeking to foreclose mortgages in Illinois rarely named personal representatives for deceased mortgagors.
Some mortgagors file a Statement of Defence on the basis that they were wronged in the mortgage process, but this rarely succeeds.
If the mortgagor lacks any necessary papers, the ARMs auditor will normally obtain them from the lender.
Germain Act,(2) including its universal due-on-sale" clause(3) in residential mortgage instruments, most opportunities a low-cost mortgagor had to market his or her property assets at a profit were eliminated: the low-cost mortgage had lost its trade-in option, and with it, the market had lost its symmetry.
In both cases, the mortgagor's interest in the property is terminated, title to the property is transferred to someone else and the mortgagor receives nothing from the transaction.
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 banks, however, argued that this was unnecessary because foreclosure proceedings are in rem actions and, therefore, neither the deceased mortgagors nor personal representatives for their estates needed to be named.
The Illinois Supreme Court noted that the mortgagor is a "necessary party" in foreclosure proceedings.
in which he vacated a foreclosure sale held pursuant to a judgment obtained by the Federal Home Loan Mortgage Corporation ("Freddie Mac") because of Freddie Mac's failure to have served a notice of the sale upon the attorney for the mortgagor who had appeared in the action.
Approximately 97 percent of the mortgagors represented that they would occupy the homes as their primary residence.
The mortgage loans originated under programs of Residential Funding other than the Home Solution Program have the following characteristics similar to mortgage loans originated under the Home Solution Program: the mortgage loans have loan-to-value ratios in excess of 95%; the mortgagors have a credit score that is greater than or equal to 600; and the mortgagors have a credit grade of A4 or better.