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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The object of a notice of sale in a foreclosure of mortgage is not for the mortgagor's benefit, but for the public or third persons; on the other hand, the undertaking in a mortgage deed to notify the mortgagor of all judicial or extrajudicial actions relative to the mortgage is especially for the mortgagors benefit, so that he may safeguard his rights.
If a mortgagor meets the program requirements, the loan servicer will calculate a modification payment amount using a "waterfall" approach.
Based on its finding that mortgage foreclosure actions are quasi in rem proceedings requiring the plaintiff to name the mortgagor, the court reasoned that the usual rules governing lawsuits against deceased persons should apply to the case.
Recognizing that housing is a basic human necessity, legislatures have granted certain rights to favour the mortgagor, rights that provide procedural safeguards and slow the foreclosure process.
If a mortgagee is named in the Declarations, loss or damage, if any, on buildings under this policy, shall be payable to the aforesaid as mortgagee (or trustee) as interest may appear, and this insurance, as to the interest of the mortgagee (or trustee) only therein, shall not be invalidated by any act or neglect of the mortgagor or owner of the within described property, nor by any foreclosure or other proceedings or notice of sale relating to the property (emphasis added).
This Part focuses on a variety of fact situations where the original mortgagor or the holder of the equity of redemption purchases at the foreclosure of a senior mortgage or other lien.
And here's something to keep in mind: Even if the ARM already has been paid off, the mortgagor may still be able to recover overcharges.
Although it is restricted to only a small segment of the market, reverse mortgaging assumes that the low-cost mortgagor has counterpart funds invested in income earning assets yielding a return higher than the cost of his/her mortgage.
The tax consequences depend on the mortgagor's solvency and whether or not the mortgagor is personally liable for the debt.
The internet has already altered the way that mortgages are researched, as it has become very common for prospective mortgagors to compare prices and features from different lenders online.
The high court observed that section 15-1501 of the Mortgage Foreclosure Law, 735 ILCS 5/15-1501, specifies that mortgagors and certain others must be named as defendants in foreclosure proceedings but fails to address what procedure must be followed when the mortgagor has died.
Two weeks after the closing, Negrin commenced a class action against the bank, claiming that Norwest improperly imposed thousands of dollars of similar fees on its mortgagors when they sought to satisfy their loans with the bank.