The exception is when the parties stipulate that personal notice is additionally required to be given the
mortgagor.
24) Regardless of the status, the mortgage must be secured by a single family property which is occupied by the
mortgagor as his primary place of residence.
It noted that the Illinois Mortgage Foreclosure Law ("IMFL") includes the
mortgagor as a necessary party, and it distinguished a mortgage foreclosure action, which seeks relief against a piece of property through a named individual, from a true in rem proceeding, which seeks relief solely against the property.
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.
Traditionally, the standard mortgagee clause is intended to protect a mortgagee from an insurer's indiscriminate avoidance of a policy based upon the acts or neglects of the insured
mortgagor or anyone other than the mortgagee or its agents.
In Part II of this paper, the focus is on whether the
mortgagor or other holder of the equity of redemption (7) who purchases the property at the foreclosure sale of a senior lien acquires a title free and clear of junior interests.
Due on sale refers to a provision in a mortgage that states that the entire balance of the note is immediately due and payable if the
mortgagor transfers the property.
The
mortgagor is not legally responsible for returning any money resulting from a banks error.
The
mortgagor was now left with a profitable asset without the opportunity to market it, even though the (intrinsic) profitability arguments were still intact despite the above stated extra constraints placed on the borrower.
TAX CONSEQUENCES FOR THE
MORTGAGOR WHEN OUTSTANDING DEBT EXCEEDS BASIS
A higher degree of leverage for
mortgagors may be a cause for concern in the event of a market downturn.
In reaching its decision, the court found that a mortgagee must name a personal representative for a deceased
mortgagor for the court to obtain subject matter jurisdiction.
