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

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.


Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The allocation of credit risk across mortgage holders, insurers, and purchasers depends on underlying assumptions about risk-mitigation activities, business relationships, loan-to-value ratio distributions, default rates, and loss severity rates.
Good intentions are fine, but if city officials believe a $5,000 bond should be posted as part of a foreclosure filing, they must rewrite the language of that regulation to make clear that mortgage holders must be responsible for those bonds, and cannot pass them along to customers.
But by looking at condominium foreclosures by mortgage holders - in which it is probable that the condo association is looking to recoup unpaid condo fees - I can safely guess that foreclosures by condominium associations are on the rise.
MORTGAGE holders with accounts at Northern Rock will be encouraged to move to another lender as the bank looks to slim down.
He is also head of the Irish Mortgage Holders Organisation which advises those struggling to pay for their homes.
The bad news is your new mortgage holder will likely be much more aggressive in asserting the rights of your lender, which may lead to a flurry of legal activity.
They want you to believe that concerns about adequacy of cash-flow to service all debt, or worries about the ability of the bankruptcy of a junior mortgagee to prevent a senior mortgage holder from foreclosing on collateral, are totally irrelevant.
If an owner loses a building to a mortgage holder, are the tenants protected under terms of their existing leases?
General Electric Credit Corp, the second mortgage holder on formerly bankrupt 100 E.42nd Street, bought out Prudential's $8 million first mortgage for 11 cents on the dollar, and General Electric Credit Corp.
Thus, this grim situation looks hopeless, with the mortgage holder seriously considering foreclosing on the property to stem its losses while the cooperative development contemplates filing a bankruptcy petition in an attempt to preserve the cooperative status of the property.
There, the mortgage holder gets control of both the former owner's shares of ownership in the building and the lease, and immediately becomes responsible for the unit's share of maintenance expenditures including past due balances and legal costs related to the foreclosure.
This is because most landlords provide in their leases that, if the holder of the mortgage acquires the property by foreclosure, such mortgage holder can terminate the lease and evict the tenant.

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