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Mortgage holder rights if borrower doesn't repair damage to property?
Wiki User
∙ 13y ago
It depends on what kind and how much damage is being referred to, and just how much interest the mortgagor has in the property. There is such a thing in the law as "wasting" the value of real property. If the damage is severe and/or ongoing, in order to protect their investment, the mortgagor could step in and bring court action against the mortgagee to maintain the value of the investors property.
On the other hand, as long as the mortgagor continues to receive the specified mortgage payments they may not care, inasmuch as it will eventually become the mortgagee's problem if they cannot sell it for at least the value of the mortgage. Either way, the mortgagee is still responsible for the contracted financial obligation.
Wiki User
∙ 13y ago
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