A mortgagor is the person who pledges property to a creditor as security for a debt. The mortgagor has the right to live in and use the property until the debt is repaid. If the debt is not repaid, the creditor may foreclose on the property and sell it to repay the debt. Is the mortgagor the seller? No, the mortgagor is not the seller. The mortgagor is the borrower who takes out a loan to purchase a property. The seller is the person or entity who owns the property and is selling it to the borrower.
Is a borrower a mortgagee?
A "borrower" is a person who has been granted a loan, typically from a financial institution. The borrower then uses the loaned funds for a specific purpose. In the case of a mortgage, the borrower uses the loan to purchase a property. The property is then used as collateral for the loan, meaning that if the borrower fails to repay the loan, the lender can seize the property. What is the technical definition of a mortgage? A mortgage is a loan in which your house serves as the collateral. If you don't pay back the loan, the lender can foreclose and take your house. There are two types of mortgages: fixed-rate and adjustable-rate. In what kind of state does a mortgagor retain legal and equitable title to a property? A mortgagor retains both legal and equitable title to a property in a mortgage. However, the mortgagee (lender) has a security interest in the property and may foreclose on the property if the borrower defaults on the loan. What is the difference between the mortgagor and the mortgagee? The mortgagor is the party who is borrowing the money and putting up their property as collateral. The mortgagee is the party who is lending the money.