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Mortgagor

The person who borrows money secured by conceding a mortgage against his interest in real property.

A term peculiar to mortgage and contract law to refer to the borrower of money secured by a mortgage.

The mortgagor pledges property (usually real property) as security on the loan.

The counterpart to the mortgagor is the person lending on the basis of a mortgage; the mortgagee (usually a bank but often a private individual).

A mortgagor usually has a right of redemption which requires the lender or mortgagee to defeat before he can take possession of the real property and sell it to pay off the secured loan. That process 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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