Mortgagee and Mortgagor: Roles and Responsibilities
In a mortgage agreement, the mortgagee is the lender or financial institution that provides the loan, while the mortgagor is the borrower who receives the loan and pledges their property as collateral.
The mortgagee has a financial interest in the property and has the right to take possession of it if the borrower fails to pay back the loan according to the terms of the mortgage agreement. The mortgagee is also responsible for holding and managing the mortgage loan.
The mortgagor is responsible for repaying the loan according to the terms of the mortgage agreement and for maintaining the property. If the mortgagor fails to make the required payments or violates the terms of the agreement, the mortgagee may have the right to initiate foreclosure proceedings.
It is important for both the mortgagee and the mortgagor to fully understand their rights and responsibilities under the mortgage agreement. If you are involved in a mortgage dispute or have questions about your rights and responsibilities as a mortgagee or mortgagor, the team at Doucet Co., LPA can help. Don't hesitate to call us at (888) 200-9824 to schedule a consultation and discuss your case.