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Very little except that a Mortgagor is specifically the the named borrower on a mortgage instrument, whereas a plain old 'borrower' could be anybody who borrowed anything from anywhere.
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∙ 14y ago
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What is the difference between mortgagor and mortgagee?
A mortgagor is a borrower named in a specific mortgage instrument. A mortgagee is the lendor in a mortgage instrument, who has takes (property) security for the sum lent, and may force conveyance of title if the mortgagor defaults on the mortgage re-payments.
Difference between co borrower and co mortgagor?
A Co-borrower and co-mortgagor have the same meaning but a mortgage is only used to refer to a loan for real property. Both incomes are used to qualify for the loan. Under this arrangement, all parties involved have an obligation to repay the loan. Generally, a co-mortgagor has an ownership in the encumbered property.
What are synonyms for debtor?
borrower, mortgagor
A borrower in a mortgage transaction is called?
mortgagor
Who is the mortgagor and who is the guarantor?
The mortgagor is the primary borrower on the mortgage- the party who purchased the real estate. The guarantor is the co-signer on the mortgage loan. The co-signer guarantees they will pay the debt if the primary borrower defaults.
In Texas if a mortgagee Buyer leaves the home and the mortgagor Lender has no way of contacting the mortgagee can the mortgagor take house because of abandonment?
The borrower is the mortgagor. The lender is the mortgagee. Generally, if the mortgagor doesn't pay the mortgage the lender can foreclose as long as they reserved the right to do so in the mortgage document. Generally, legal title to real estate does not pass through abandonment.
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
Is there an equity of redemption for a second mortgage holder in Connecticut?
Equity redemption is a right that only applies to owner/mortgagor/borrower not lender/mortgagee; therefore, the answer is NO.
What is the difference between loan syndication and consortium finance?
The main difference between loan syndication and consortium finance is that syndication is done based on common terms between the lender and borrower. Consortium finance has to be arranged by the borrower, such as when one bank cannot accommodate the entire loan amount.
What are implied contracts by mortgagor?
Implied contracts by a mortgagor refer to the unwritten or non-explicit agreements between a borrower and a lender in a mortgage transaction. While the terms and conditions of a mortgage are typically outlined in a written contract, implied contracts may exist based on the customary practices and industry standards. These contracts ensure that both parties have certain expectations and obligations towards each other throughout the mortgage process.
Does a new mortgage company have to honor a loss mitigation contract from the previous mortgage company that was current with payments?
Only if the Mortgagor (borrower) had a signed agreement with the previous mortgage servicer working for the Mortgagee (lender). And then only if the Mortgagor was able to obtain a written agreement from the Mortgagee. Otherwise the Mortgagor is in no position outside a lawsuit to force performance. In most situations, the Mortgagor cannot afford to sue the Mortgagee for enforcement. In many cases the Mortgagor cannot get a written agreement to modify the Trust Deed or Promissory Note. This is my experience as of 12/05/08. Caveat Emptor is still the rule.
What is the name given to someone who borrows money?
The lender loans money to the borrower.The borrower takes the loan out with the lender.The borrower is then in debt (owes money) to the lender and the lender is in credit with the borrower and will want the borrower to pay him/her back.
