mortgagor

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Related to mortgagors: mortgagee, mortgager

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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References in periodicals archive ?
Clearly, the general rule is that personal notice to the mortgagor in extrajudicial foreclosure proceedings is not necessary, and posting and publication will suffice.
The United States Courts of Appeals for the Eleventh and Fifth Circuits have held that because HAMP does not create a private right of action under federal law, mortgagors are barred from bringing claims against lenders for violations relating to HAMP under state law.
9) In Wells Fargo Bank v McQueen, (10) a Cook County trial court relied on Keller to dismiss a foreclosure complaint against a deceased mortgagor.
Many mortgagors do not even defend against the foreclosure, but merely file a Demand of Notice which asks the mortgagee to keep them informed of the process and permit them to intervene and make submissions as it unfolds.
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).
In sum, a majority of courts favor revival against defaulting mortgagors and their transferees in the statutory redemption context much as they support survival where those parties are foreclosure purchasers.
Thus, if $150,000 were recovered from the bank, the mortgagor would receive $75,000 (half of $150,000).
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
The banks, however, argued that this was unnecessary because foreclosure proceedings are in rem actions and, therefore, neither the deceased mortgagors nor personal representatives for their estates needed to be named.
The Illinois Supreme Court noted that the mortgagor is a "necessary party" in foreclosure proceedings.