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 ?
(Another Manoukian partnership also under sale and also being challenged by mortgager.)
With this collapse in housing values, about a quarter of the mortgagers went "under-water" !
It will explain terminology used by lenders and common tactics - many of them fraudulent and illegal - used by mortgagers and their attorneys to steal homes from families.
Mortgagers could then more accurately estimate the effect of lower operating costs on a mortgagee's ability to handle a larger mortgage payment, builders could accurately estimate which energy efficiency and renewable energy upgrades make economic sense, and purchasers would have a better understanding of how specific upgrades increase their home's value.
Sections of people in several countries have smelt gross and conspiratorial mismanagement of their economies by politicians, bankers, mortgagers and brokers.
Does he side with investment bankers or with foreclosed mortgagers? Does he really believe in God?
Clement's legal claims, filed in May, are almost identical to -- and in some cases completely lifted from -- six still-pending lawsuits filed between 2004 and 2005 against Hershco and a group of attorneys, mortgagers and appraisers alleging that they worked in collusion to flip shoddily renovated homes to inexperienced minority homebuyers at an average markup of $160,000.
NACA mortgagers don't pay (PMI), however members pay a $50 monthly membership fee, which is factored into their monthly mortgage payment.
But Puri said buyers will now find it easy to raise higher loans as mortgagers usually use circle rates as an indicator of property prices.
In March 2008, Bear Stearns collapsed, then government-sponsored mortgagers Fannie Mae and Freddie Mac, then Lehman Brothers and Merrill Lynch, then AIG.