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 ?
Mortgage holders are advised to look at how a rate rise would affect them now, and think about speaking to an adviser on whether remortgaging to a fixed-rate deal, for example, might better suit you.
Head of Customer at Tesco Bank, Tim MacIvor, commented "With the UK seeing a 7% increase in mortgage holders and an overall decline of 21% in those taking out life insurance policies, it's important we encourage sensible, practical conversations about financial planning - both for life and for death - so customers can help their families avoid unnecessary financial hardship.
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.
3 million households - one in four mortgage holders - risk becoming highly geared by 2018.
The share of mortgage holders with negative equity is projected to drop to 17 percent at the start of next year, according to Zillow.
The IMHO began acting as an independent third party in negotiations between AIB and its mortgage holders in arrears.
A series of surveys show that there has been a consistent rise in the volume of mortgage holders who say they will walk.
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.
24 trillion yen for fiscal 2001 and thereafter featuring a 941 billion yen tax break for mortgage holders, government officials said.

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