Normally the party granting the mortgage ( the " mortgagor " ) will remain in possession of the mortgaged asset.
12.
It gives lender a legal right to collect the remainder of debt out of mortgagor's other assets ( if any ).
13.
It is custom in drafting mortgage bonds to incorporate an admission of liability by the mortgagor to facilitate a quick and easy remedy.
14.
{{ Cquote | It is well settled that a mortgagee is not a trustee of the power of sale for the mortgagor.
15.
Deficiency judgments can be used to place a lien on the borrower's other property that obligates the mortgagor to repay the difference.
16.
This often created a significant hardship for spouses of deceased HECM mortgagors, so FHA revised the eligibility requirements in Mortgagee Letter 2014-07.
17.
Crystallisation occurs upon default of the mortgagor and registration of a notice of default, and the mortgage ranks from the date notice is filed.
18.
The latter provides that, if the mortgagor defaults, the mortgagee may take possession of the mortgaged property and arrange for a private sale.
19.
The mortgagor is vitally affected by the result of the sale but its preparation and conduct is left entirely in the hands of the mortgagee.
20.
In real estate, foreclosure is the termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage.
