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 ?
15) The supreme court definitively declared mortgage foreclosure actions to be quasi in rem proceedings where the mortgagor is a necessary party: "The question at issue here is whether a mortgagee must name a personal representative for a deceased mortgagor in a mortgage foreclosure proceeding in order for the circuit court to acquire subject matter jurisdiction .
As a business matter, mortgagees will want to be convinced of tangible hope for payment by the mortgagor under a new realistic repayment plan.
At the conclusion of the deal, the low-cost mortgagor would be free from the debt, and, in addition, would receive monthly payments during the life of the new mortgage the lender would create.
When the mortgagor is insolvent and personally liable, the outstanding debt is treated as an amount realized to the same extent it is when the mortgagor is solvent--that is, to the extent of the property's fair market value.
The court overruled its prior inconsistent statements and held that mortgage foreclosure proceedings are quasi in rem actions, so that a mortgagee must name a personal representative for a deceased mortgagor in a foreclosure proceeding for the circuit court to acquire subject matter jurisdiction.
Likewise, while Judge Goettel, in Dutch Lane, has held that personal notice of the foreclosure sale must be given by Freddie Mac to mortgagors, he, too, did not specify how much notice would be sufficient.
In fact, Collect expects the mortgagor to be glad that the taxes are being paid.
This week MRG, using credit data to examine the underlying credit quality of mortgagors, uncovers predictors of mortgagor quality in credit card delinquency and utilization rates and confirms DCR`s view of the post-refi market.
In the event the mortgagor prepays $35 million, not in connection with any collateral release, the spread will be reduced to 1.
A policy may be canceled if state law requires cancellation, the original LTV is reduced to 80% or less by mortgagor payments (including prepayments), or the current appraisal value of the property obtained by the mortgagor has reduced the loan-to-value to 80% or less.