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.
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.
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.
borrower, mortgagor
mortgagor
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.
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.
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
Equity redemption is a right that only applies to owner/mortgagor/borrower not lender/mortgagee; therefore, the answer is NO.
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.
An accommodation mortgagor is a person or entity that provides a mortgage to support the financing of a property, typically for someone else, without intending to occupy or invest in the property themselves. This arrangement often occurs in situations where the primary borrower may not qualify for a mortgage independently. The accommodation mortgagor essentially acts as a guarantor, helping to facilitate the loan process while taking on the associated risks.
The parties are free to enter into any terms they like. Where, however, the contract does not contain all the terms, Section 65 provides for implied terms as follows: In the absence of a contract to the contrary, the mortgagor shall be deemed to have contracted with the mortgagee that the : · mortgagor is entitled to transfer the interest (covenant for title); · mortgagor will assist the mortgagee to enjoy quiet possession; · mortgagor will pay public charges in respect of the mortgaged property; · mortgagor covenants as to payment of the rent due on lease where, the mortgaged property is leased; · mortgagor covenants as to payments of interest and principal on prior encumbrances, where the mortgage is a second or subsequent encumbrance on the property.
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.