Note: The letter e is required analogically after the second g in order to soften it; but the spelling mortgagor is in fact the prevailing form.
And the principal cause will be that the mortgagor has discovered that he has no equity in the property.
Whether you have "foreclosed" or not, the property is virtually yours; the mortgagor has no equity in it.
The mortgagor must meet, as stipulated, every payment of the principal and interest.
Now the mortgagor who has failed is usually given by law an extension of time in which to make good the payment of principal and interest.
The right allowed a mortgagor of a reasonable time to redeem mortgaged realty.
Mortgagees can hold the land of any mortgagor who borrows money upon security of the land or obtains another mortgage without prior notice to the initial mortgagee.
The mortgagor has six months to pay off the mortgage and all interest and charges or vacate the land and lose his equity therein.
The mortgagor wishes to withdraw the mortgage," he said.
Hence, the mortgagor at once appears in the position of a tenant of farm or of any other property.
For the sake of clearness, therefore, I must prominently represent here the tenant families, as the propertyless, and must leave the mortgagorfamilies for the next chapter.
So that, only those mortgagor families can have prosperity, which are aided by many agencies in drawing incomes from their land.
The indenture, or agreement, must of necessity be made between certain parties, the mortgagor or the corporation and the mortgagee, in this case the Trustee who holds the security given in trust for the various bondholders.
The mortgagor was the original debtor and cannot escape from his obligation to the mortgagee without the latter's assent.
The mortgagor may, subject to the mortgage, lease, sell or devise it.
Even if the sale to the mortgagor's grantee had been made merely subject to the mortgage, the mortgagor on paying the debt would be subrogated to the mortgage and would himself be enabled to foreclose the property.
If the mortgagor is forced to pay, he cannot recover the amount from his grantee unless the latter assumed and agreed to pay the mortgage.
If the mortgagee refused to accept his debt and interest, the mortgagorcould bring a suit in equity to redeem the property and the court would order the reconveyance to him of the property on payment of the debt.
The mortgagor may, while in possession, deal with the property in any way in which an owner may, except that he will not be permitted to imperil the mortgagee's security by any kind of waste.
Covenants in regard to the payment of taxes by the mortgagor and the keeping of the premises insured for a certain amount, are usual and important provisions.
Either the mortgagee or the mortgagor may assign his interest.
If he is then insolvent, to give such a mortgage would be a preference, which is an act of bankruptcy, and subject the mortgagor to possible bankruptcy proceedings.
Where a mortgage still has its common law effect of transferring title to the mortgagee, it is essential that the mortgage should contain a provision that until default the mortgagor shall be entitled to the possession of the premises.
They are aimed generally to protect the mortgagor from forfeiture of his property to any greater extent than is necessary to insure the payment of the mortgage debt.
It was also customary at Athens for lands mortgaged to be indicated by boundary-stones inscribed with the names of mortgagor and mortgagee, and the amount (I.
When the mortgagor defaults in payment of the secured debt, how may the mortgagee obtain possession of the property?
The mortgagor presents his written statement of satisfaction to the public recorder, who enters it in his record of the mortgage.
If a mortgage is to be recorded, the signature of the mortgagor must be acknowledged before a notary public or officer authorized to administer oaths.
Does a mortgagorretain an interest which he may dispose of?
A mortgagor may give successive mortgages so long as he finds persons willing to accept them as security.
If no stipulation is made, the mortgagor impliedly is given the right of possession before default.
If the mortgage stipulates that a mortgagor cannot sell his interest, this stipulation is binding.
It means that the mortgagor acknowledges the making of the signature in the presence of an officer authorized to administer oaths.
If, however, the mortgagee agrees to accept the purchaser of the mortgagor's interest as the debtor, the original mortgagor is relieved thereby.
If a mortgagor having possession of the property has it stored on his own behalf, and the warehouseman acquires a lien on the goods for his charges, his lien is inferior to the mortgage.
If the mortgaged premises do not bring enough to satisfy the judgment, the balance may be enforced against the mortgagor by seizing any property subject to execution that he possesses.
It is not necessary that the mortgagorhave absolute, unencumbered title to the property to give a mortgage.
A mortgagormay sell his interest in the property, subject to the interest of the mortgagee.
When a debt secured by a mortgage is assigned, the assignee should immediately notify the mortgagor of the assignment, in order that the mortgagee shall pay him, and not the assignor.
It is the custom at the present time to give the mortgagor possession of the property before default.
A mortgage is prepared by the solicitor of the mortgagee, and the mortgagor bears the whole expenses of the transaction.
The covenants for title implied by a mortgagorconveying "as beneficial owner" are the same as in the case of a vendor, but they are absolute and not qualified in the manner above pointed out.
An intending mortgagor is accordingly required to show a title easily marketable, and to verify it at his own cost.
Even though the mortgagor does not perform the act promised at the agreed time, he still has the right to redeem the property from the mortgage by paying his debt with interest.
All mortgages are publicly recorded, and so the property is vested in the mortgagor till he is paid off, and when that is done it also is publicly recorded.
There is great danger of default from causes not anticipated by the mortgagor and over which he has no control.
It is usual for the mortgagor to insure the property for the benefit of the mortgagee.
Until the mortgagor fails to execute his part of the agreement, he retains possession of the property.
Suppose the mortgagor was a nurseryman, and the land was taken for the debt by the mortgagee, would it include the trees and shrubs that had been planted for sale?
The law does not favor a mortgagor to the same extent.
When the mortgagor fails to pay his debt, the right of the mortgagee to proceed in taking the property is usually regulated by statute, except when the parties have agreed themselves and in conformity with statute.
Nor need another person who makes such a loan inquire whether a mortgagor has made any other loan, or for a larger amount than that stated on the public record, where the mortgage deed is recorded.
In other cases the mortgagee must apply to the court to fix a time for the sale of the property, if the mortgagor fails to make payment.
The essence of the agreement is, if the mortgagor does not repay the money as he has agreed to do, the mortgagee becomes the owner of the property.
If the sums collected from the two sources exceed the amount advanced to the mortgagor that is only the mortgagee's affair.
By statutes that have been enacted everywhere, the mortgagee's interest, or conditional title in the property conveyed to him, is secure by recording the deed even though the mortgagorstill retains possession.
The mortgagor may sell his land at any time subject to the mortgage, in other words he cannot by any sale impair the mortgagee's security.
When the mortgagee takes possession of the vessel he is entitled to all the earnings that accrue, but not to those which the mortgagor has reserved, even though they are for the current voyage.
As already hinted, they stood to one another in the relationship of debtor and creditor--or mortgagor and mortgagee--the nephew being the latter.
It was only after the move into Texas, that their relations began to assume that peculiar character observable betweenmortgagor and mortgagee.
Instead of "The mortgagor paid him the money," say "The mortgagee paid him the money.
This right of the mortgagor to relief is termed his "equity of redemption.
The above list will hopefully give you a few useful examples demonstrating the appropriate usage of "mortgagor" in a variety of sentences. We hope that you will now be able to make sentences using this word. Other words: bondsman; guarantee; guarantor; guaranty; insurer; sponsor; surety; underwriter
