Mortgagor

(redirected from mortgagors)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.
Related to mortgagors: mortgagee, mortgager

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 ?
The exception is when the parties stipulate that personal notice is additionally required to be given the mortgagor.
59) Next, the court stated that allowing mortgagors to bring these claims would conflict with the HAMP's purpose, which is to incentivize mortgage servicers to modify distressed mortgages.
In McQueen, the plaintiff lender sought to foreclose and named both the mortgagor and his estate, despite knowing that the mortgagor was dead and no estate had been opened for him.
Individuals in their residential property and corporate mortgagors in their commercial property are each treated differently by the law in foreclosure proceedings.
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.
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.
Therefore, where a mortgagor has died, the mortgagee/lender must name a personal representative of the mortgagor/borrower's estate for the circuit court to acquire subject matter jurisdiction.
The basis for its conclusion is that in a foreclosure action the proper defendant is the mortgagor, since it is his or her interest in the real estate that is the subject of a foreclosure action.