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Mortgagee

The person who extends credit secured by a mortgage; the mortgage lender.

A term peculiar to mortgage law and contracts; refers to the person who lends money on the basis of a mortgage on real property.

A typical mortgagee is a bank or a credit union.

The mortgagee lends money to the mortgagor and the latter allows a mortgage to be charged against, or registered on title of his real property, as security.

It is the mortgagee who seeks to defeat, if there has been substantial or contractual default on the loan secured by the mortgage, the mortgagor's equitable remedy to redeem his/her default by paying off arrears. That process, if successful, is known as foreclosure.

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Unless otherwise noted, this article was written by Lloyd Duhaime, Barrister, Solicitor, Attorney and Lawyer (and Notary Public!). It is not intended to be legal advice and you would be foolhardy to rely on it in respect to any specific situation you or an acquaintance may be facing. In addition, the law changes rapidly and sometimes with little notice so from time to time, an article may not be up to date. Therefore, this is merely legal information designed to educate the reader. If you have a real situation, this information will serve as a good springboard to get legal advice from a lawyer.

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