RIGHTS AND LIABILITIES OF MORTGAGER AND MORTGAGEE

The rights and liabilities of the mortgagor (borrower) and mortgagee (lender) are typically defined in the mortgage agreement or contract. Here are some general principles:

Rights of the Mortgagor:

1. Right to Possession: The mortgagor has the right to possess the property until the mortgage is paid off or the property is foreclosed upon.
2. Right to Redeem: The mortgagor has the right to redeem the property by paying off the mortgage debt at any time before the foreclosure sale.
3. Right to Surplus: If the property is sold at a foreclosure sale for more than the amount owed on the mortgage, the mortgagor has the right to receive any surplus funds.
4. Right to Notice: The mortgagor has the right to receive notice of any default or foreclosure proceedings.

Liabilities of the Mortgagor:

1. Payment of Debt: The mortgagor is liable for payment of the mortgage debt, including interest and fees.
2. Maintenance of Property: The mortgagor is responsible for maintaining the property and keeping it in good condition.
3. Insurance and Taxes: The mortgagor is responsible for maintaining insurance on the property and paying property taxes.

Rights of the Mortgagee:

1. Right to Foreclose: If the mortgagor defaults on the mortgage, the mortgagee has the right to foreclose on the property and sell it to satisfy the debt.
2. Right to Accelerate: The mortgagee has the right to accelerate the mortgage debt and demand immediate payment if the mortgagor defaults on the mortgage.
3. Right to Access: The mortgagee has the right to access the property to inspect it and make repairs if necessary.

Liabilities of the Mortgagee:

1. Duty of Good Faith: The mortgagee has a duty to act in good faith and deal fairly with the mortgagor.
2. Duty to Mitigate: The mortgagee has a duty to mitigate damages by taking reasonable steps to minimize the losses suffered by the mortgagor in the event of default.
3. Duty to Account: The mortgagee has a duty to account for all payments made by the mortgagor and to provide a clear and accurate accounting of the debt

 

 

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