mortgagor


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mortgagor

, mortgager
Property law a person who borrows money by mortgaging his property to the lender as security

mortgagor

The borrower who obtains a mortgage.
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13) The appellate court reversed the circuit court's dismissal of both cases, finding that mortgage foreclosure actions are in rem proceedings and that failing to name a personal representative for a deceased mortgagor "did not divest the trial court of subject matter jurisdiction.
In this instrument, the mortgagor will have voluntarily pledged the land as security and granted the mortgagee special powers in the event of default.
by mortgagors who claim to have been overcharged on their adjustable-rate loans.
But the actual distribution of profit between the mortgagor and the lender would be determined by the market forces of supply and demand.
When the mortgagor is solvent and personally liable, the outstanding debt is considered realized to the extent of the property's fair market value at the reconveyance, foreclosure or abandonment date.
Correcting that omission, the court said that the mortgagor, not the property, is the instrumentality of the wrong and the necessary party defendant in foreclosure proceedings.
The mortgagees filed complaints for foreclosure in the Circuit Court of Cook County pursuant to the Illinois Mortgage Foreclosure Law (735 ILCS 5/15-1101 et seq), only to later learn that the named mortgagors, McGahan and Hunter, died prior to filing the complaints.
in which he vacated a foreclosure sale held pursuant to a judgment obtained by the Federal Home Loan Mortgage Corporation ("Freddie Mac") because of Freddie Mac's failure to have served a notice of the sale upon the attorney for the mortgagor who had appeared in the action.
The judicial power justifying vacating sales for gross inadequacy in price is for the protection of the mortgagor property owner.
Bloom, an attorney board member said, "While a mortgagor might be able to enforce a mortgage to the extent that they might be able to compel, with cause, the owner to repair the property, that might not be true here.
Ownership interests in the group (2) mortgagor are 55% privately held by members of the Ng family and 45% publicly held by Sino Land Co.