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The mortgagor is the person or entity who borrows and pays back a mortgage loan. If you're getting a mortgage to buy a home, you're the mortgagor. The mortgagee is the lender, such as a bank ...
For example, the mortgagee is the lender, while the mortgagor is the … Continue reading → The post Mortgagor vs. Mortgagee: Key Differences appeared first on SmartAsset Blog.
Mortgage insurance is an insurance policy designed to protect the mortgagee (lender) from any default by the mortgagor (borrower). It is used commonly in loans with a loan-to-value ratio over 80%, and employed in the event of foreclosure and repossession .
Upon default, the mortgagee proceeds against lot X first, the mortgagor. If foreclosure or repossession of lot X does not fully satisfy the debt, the mortgagee proceeds against lot Z (Charlie), then lot Y (Bob). The rationale is that the first purchaser should have more equity and subsequent purchasers receive a diluted share.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
The mortgagor may be required to pay for Private Mortgage Insurance, or PMI, for as long as the principal of his or her primary mortgage is above 80% of the value of his or her property. In most situations, insurance requirements guarantee that the lender gets back some pre-defined proportion of the loan value, either from foreclosure auction ...
Prequalification and preapproval are two ways to help you determine how much of a mortgage you can afford. But they differ in timing, process and more. Take a closer look at what each step means ...
The mortgage origination, a subset of loan origination, is a complex and evolved process that involves many steps, in purple, which varies from lender to lender.The basic steps include