:Ceasing to pay a loan ( eventually ) puts the mortgagor in a state of Lomn 13 : 10, 24 April 2008 ( UTC)
22.
However, after mortgagor default, the parties may agree that the mortgagee can take over the mortgaged property or sell it extrajudicially at a fair valuation.
23.
The surviving trustee of the settlement afterwards reconveyed part of the property to the mortgagor on payment of part of the mortgage money, which he appropriated.
24.
Finally, the Court determined that a mortgagor who transfers a property subject to the mortgage benefits as if the purchaser had paid the mortgage on the property.
25.
The mortgagee therefore never holds the fee simple, and there is a statutory process for initiating and conducting a mortgagee sale in the event that the mortgagor defaults.
26.
A mortgage grantor or mortgagor is the borrower of the loan, since they are giving away certain property rights to the mortgagee, lender, or mortgage grantee.
27.
His home, Cranbrook Cottage, had been repossessed by the mortgagor; it was demolished in 1925 to make room for the widening of New South Head Road.
28.
"' Mortgage insurance "'is an insurance policy designed to protect the mortgagee ( lender ) from any default by the mortgagor ( borrower ).
29.
In the United Kingdom foreclosure is a little used remedy which vests the property in the mortgagee with the mortgagor having no right to any surplus from the sale.
30.
The mortgagor then conveyed that part of the property to new mortgagees, concealing, with the connivance of the trustee, both the prior mortgage and the reconveyance.
