A mortgage is a legally binding document that creates a lien on a piece of property and gives the lender the right to foreclose

Question

yarga [219]

3 years ago

14

A mortgage is a legally binding document that creates a lien on a piece of property and gives the lender the right to foreclose

on the property if the borrower defaults. Who or what is the mortgagee?

Social Studies

1 answer:

kipiarov [429] · Answer 1 · 2022-01-03T19:35:58+03:00

Answer: Money lender / institution, the lender in the mortgage - bank or savings and lending association

Explanation: A mortgage, or as it is also known, a mortgage loan, is used by a buyer who wants to buy a property in order to raise the necessary funds to buy it. In order to do this, the buyer places a lien on the property, which is a mortgage. Then the one who wants to buy the property is a borrower and goes to a bank, or an association that deals with saving or lending. That money lending institution is the mortgagee, and the borrower is the mortgagor. So, a mortgage is a person / institution that lends money to someone who wants to buy a property, which is the mortgagor.