mortgagee


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mortgagee

n. the person or business making a loan that is secured by the real property of the person (mortgagor) who owes him/her/it money. (See: mortgage, mortgagor)

mortgagee

see MORTGAGE.

MORTGAGEE, estates, contracts. He to whom a mortgage is made.
     2. He is entitled to the payment of the money secured to him by the mortgage; he has the legal estate in the land mortgaged, and may recover it in ejectment, on the other hand he cannot commit waste; 4 Watts, R. 460; he cannot make leases to the injury of the mortgagor; and he must account for the profits he receives out of the thing mortgaged when in possession. Cruise, Dig. tit. 15, c. 2.

References in periodicals archive ?
If an appraisal was ordered prior to obtaining a case number, the case number must be assigned on or after January 26, 2015 and inserted into the appraisal prior to delivery to the mortgagee.
Flaherty, writing for the Court, agreed with the trial justice's reasoning surrounding MERS role as the mortgagee, which held that "the fact that MERS acts in a nominee capacity for the lender and the lender's successors and assigns does not diminish MERS's role as the mortgagee nor is there created a new legal term 'nominee-mortgagee.
A subsequent lender who wishes to curtail the first lender's ability to "tack" further advances will want to ensure that the prior mortgagee has received written notice of the subsequent mortgage.
The court overruled its prior inconsistent statements and held that mortgage foreclosure proceedings are quasi in rem actions, so that a mortgagee must name a personal representative for a deceased mortgagor in a foreclosure proceeding for the circuit court to acquire subject matter jurisdiction.
In foreclosure actions generally, a deficiency or deficiency decree is determined by subtracting the fair market value (18) of the subject property on the date the mortgagee obtains title as determined by the court from the total amount due the mortgagee, generally in the form of a final judgment.
To keep this terminology straight, it might help to remember that the mortgagor (the suffix "or" means "to give") gives an interest, pledge or charge in his land to the mortgagee (the suffix "ee" means "to receive") in return for the loan.
16, 2008, HUD issued Mortgagee Letter 2008-24 stating that the FHA would to seek comments from the public, including consumer groups, industry participants, and other interested parties.
This action would hopefully allow the mortgagee to keep their home and pump money back into the bank's coffers.
The mortgage law includes all procedures concerning a mortgage and its legal effects on the concerned bodies, as well as execution procedures for the mortgaged property and proper conduct between the mortgagee bank and the borrower.
One legal aid attorney said judges should more carefully scrutinize eviction cases where a mortgagee is the plaintiff and delay the case until mortgagees provide proof that tenants won't be displaced.
The notice reads: "The Bank of India have entered and taken possession of this property as mortgagee under a mortgage dated the fourth day of August 2000.
Brodie resigned pending disciplinary proceedings from the practice of law in Florida pursuant to an April 12, 2001, order of the Supreme Court under allegations he failed to properly disburse funds to a mortgagee.