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 ?

Mortgagers' risk is also reduced when actual performance approaches design performance.

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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.

PROPERTY WHAMMY Sheila orders steep hike in circle rates

In March 2008, Bear Stearns collapsed, then government-sponsored mortgagers Fannie Mae and Freddie Mac, then Lehman Brothers and Merrill Lynch, then AIG.

A Failure of Capitalism: The Crisis of '08 and the Descent into Depression

Wall Street's appetite for risky mortgages encouraged mortgagers to loosen their underwriting standards and aggressively go for volume.

Foreclosed: the failure to regulate abusive lending practices: by the end of this year, we're expecting to see foreclosures in the subprime market level off. Meanwhile, many more foreclosures are creeping into the alt-A market and even the prime markets

To the contrary, it seems that most of defaulting mortgagers are simply unable to afford the loans and have no other assets.