Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Mortgagor

Read a random definition: OFHEO

A quick definition of Mortgagor:

Term: Mortgagor

Definition: A mortgagor is someone who borrows money from a lender to buy a house or property. The lender is called a mortgagee. The mortgagor agrees to pay back the loan over time, with interest, and the property serves as collateral for the loan. If the mortgagor fails to make payments, the lender can take possession of the property through a process called foreclosure.

A more thorough explanation:

Mortgagor

A mortgagor is a person who obtains a mortgage loan from a lender to purchase a property or to secure an existing debt. The lender, in this case, is referred to as the mortgagee.

For instance, if you take out a mortgage loan from a bank to buy a house, you become the mortgagor, and the bank becomes the mortgagee. Similarly, if you already own a property and use it as collateral to secure a loan, you are still the mortgagor, and the lender is the mortgagee.

Another example is when a business owner takes out a mortgage loan to purchase a commercial property. In this case, the business owner is the mortgagor, and the lender is the mortgagee.

The examples illustrate that a mortgagor is a person or entity that borrows money from a lender to purchase a property or secure an existing debt. The lender, on the other hand, is the mortgagee who provides the loan and holds the property as collateral until the debt is fully paid.

Mortgagee | Mortmain

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
LSD+ is ad-free, with DMs, discounts, case briefs & more.