mortgagor

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Related to mortgagors: mortgagee, mortgager

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 ?
(60) This position is sound, as residential mortgagees are systematically better situated than residential mortgagors to carry out this responsibility.
Notice that this is equivalent to assuming that the mortgagor minimizes the value of his standing mortgage position.
Pool prepayment burnout (which is not explicitly addressed in either model) represents the existence of abnormally low prepayment rates on high coupon pools that occur after lower interest rates (existing for a substantial period of time since the mortgages in the pools had been created) have enabled most of the fast prepayers in the pool to already refinan ce (leaving only mortgagors in the pool who prepay either slowly or not at all).
The ARMs auditor typically will negotiate with the lender to obtain retroactive credit for any overcharges made to the mortgagor's account over the life of the loan.
Germain Act,(2) including its universal due-on-sale" clause(3) in residential mortgage instruments, most opportunities a low-cost mortgagor had to market his or her property assets at a profit were eliminated: the low-cost mortgage had lost its trade-in option, and with it, the market had lost its symmetry.(4)
The courts have long held all three taxpayer actions constitute sales or exchanges under the Internal Revenue Code and thus are taxable events to the mortgagor.
As previously discussed, the percentage of troubled mortgagors who are accepted into HUD's assignment program is relatively low.
The laws in others, in an attempt to provide greater protection to the mortgagor, cause the process to be more lengthy and costly.
It is beyond question that a writ of preliminary injunction is issued to prevent an extrajudicial foreclosure, upon a clear showing of a violation of the mortgagors unmistakable right.
One of the interpretative issues in HAMP is whether mortgagors should be permitted to bring state law claims against lenders and loan servicers for actions relating to HAMP, a federal program.
During a joint session of the House interior affairs and finance committees on Monday, the same parties vowed to continue blocking foreclosures until such time as a safety net for borrowers and mortgagors, the so-called insolvency framework -- a set of laws governing bankruptcy -- has been enacted.
Increasing benefit generosity has the potential to distort all recipients' job searches, even though it reduces foreclosure risk only among the roughly half of recipients who are mortgagors. More-targeted policies that could direct additional cash assistance to unemployed mortgagors include the Hardest Hit Fund and similar programs proposed by housing economists.