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A mortgagor is simply another word for borrower. “The mortgagor is the person, couple or group of people seeking a loan to purchase a home — also known as the buyer, borrower or homeowner ...
For example, the mortgagee is the lender, while the mortgagor is the borrower. Becoming familiar with the responsibilities of both can make going through the mortgage process much easier.
A mortgagor is the borrower in a mortgage—he or she owes the obligation secured by the mortgage. Generally, the borrower must meet the conditions of the underlying loan or other obligation in order to redeem the mortgage. If the borrower fails to meet these conditions, the mortgagee may foreclose to recover the outstanding loan.
Mortgage insurance is an insurance policy designed to protect the mortgagee (lender) from any default by the mortgagor (borrower). It is used commonly in loans with a loan-to-value ratio over 80%, and employed in the event of foreclosure and repossession .
Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveyance of legal title to the property in favour of the mortgagee as security for the loan. If the loan was repaid, then the mortgagee would return the property; if the loan was not repaid, then the mortgagee would keep the property in satisfaction of the debt.
For example, the mortgagee is the lender, while the mortgagor is the … Continue reading → The post Mortgagor vs. Mortgagee: Key Differences appeared first on SmartAsset Blog.
The mortgagor (borrower) executes a promissory note to reflect the amount of the debt. The mortgage (or deed of trust) . This is the document that serves as security for the loan.
It can declare the entire payable debt to the lender if the borrower(s) were to transfer the title at a future date to a purchaser. The clause in the mortgage also instructs that a notice of acceleration must be served to the obligated mortgagor(s) who signed the Note. Each mortgage gives a time period for the debtor(s) to cure their loan.