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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.
Wiki User
∙ 7y ago
Wiki User
∙ 11y agoThe Borrower who is pledging the property is called "Mortgagor".
The person giving a Guarantee is called a Guarantor.
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What is the spelling of guaranter?
guaranter
Does a guarantor have to sign a lease for his responsibility as the guarantor?
Yes
Is the lender the mortgagor?
no
What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
Is the mortgagor the lender?
yes
Can you cancel an agreement being a guarantor?
No, you can not stop being a guarantor to an agreement while the terms of that agreement are in force. Thus if you are a guarantor for rent and the person your are guaranteeing fails to pay the rent - YOU must pay the rent.If you a guarantor to a loan and the person with the loan defaults, YOU must pay off the loan.This is what it means to be a guarantor - you can not get out of the agreement when things begin to go wrong.Think VERY carefully before being a guarantor to ANYTHING.
In corporate law is trustee for debenture holder also known as a guarantor?
No, trustee is different from a guarantor.
What are the effects of release by the guarantor without the consent of creditor?
When a guarantor is released without the creditor's consent, it may jeopardize the creditor's ability to collect on the debt if the primary borrower defaults. The creditor may lose the guarantee provided by the guarantor, who may no longer be obligated to fulfill their obligations. This could lead to increased risk for the creditor and may impact the terms of the loan or credit agreement.
How do you use the word guarantor in a sentence?
His father acted as guarantor when he got the loan from the bank to buy the house.
What are synonyms for debtor?
borrower, mortgagor
Who is the responsible person for a medical bill?
The guarantor is the person responsible for a medical bill. For a child, the guarantor is usually a parent.
What legal responsibility does a guarantor have?
A guarantor is someone who pledges that a loan or other type of debt will be paid. Usually, a guarantor agrees to pay or perform another person's debt or duty should that person fail to do so. The term is most commonly used in reference to financial assistance. However, it is important to note that accountability varies from institution to institution. Often it is possible for a guarantor to opt out of their role as guarantor.
