Mortgagor


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Mortgagor

In a mortgage, the party that borrows funds. The mortgagor must repay the amount borrowed to the mortgagee (which is usually a bank).
References in periodicals archive ?
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.
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.
6) The notion that a standard mortgagee clause creates a separate contract between the insurer and the mortgagee means that the mortgagee has certain rights and obligations under the insurance contract issued to the mortgagor.
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 Illinois Supreme Court noted that the mortgagor is a "necessary party" in foreclosure proceedings.