The mortgagee is the entity that lends money to a borrower (the mortgagor) for the purpose of purchasing real estate. Typically, the mortgagee is a bank, credit union, or other financial institution, but it can also be an individual or private entity offering the loan.
The mortgagee holds the mortgage as security against the loan, meaning they have a legal interest in the property until the loan is fully repaid.
In a mortgage agreement, the mortgagee's role is to provide the funds needed by the mortgagor to buy the property. The property itself serves as collateral for the loan.
If the mortgagor fails to make the agreed-upon payments, the mortgagee has the right to foreclose on the property, taking legal action to take ownership and sell the property to recover the outstanding debt.
The rights and obligations of the mortgagee are defined in the mortgage contract and regulated by law.
Real Estate Law: Concerns the rights and obligations related to property ownership, including the mortgagee's rights in the event of the mortgagor's default.
Banking and Finance Law: Governs the lending practices and regulations financial institutions must follow, including those related to mortgage lending.
A common misconception is that the mortgagee is the person buying the home. In reality, the mortgagee is the lender, while the person taking out the mortgage loan is the mortgagor.
Another misunderstanding is that the mortgagee owns the property. While the mortgagee has a legal interest in the property as security for the loan, ownership remains with the mortgagor as long as the obligations under the mortgage are met.
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