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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: RealityNotFantasy who wrote (27775)3/4/2005 3:15:23 PM
From: TradeliteRead Replies (1) of 306849
 
Confusion about mortgagee vs. mortgagor usually arises because people don't understand that a homeowner with a mortgage actually "gives" something to the lender besides his down payment.

A mortgage is a pledge of property to secure a debt, and only the borrower can make that pledge.

Mortgagee: The party receiving the mortgage; in other words, the lender.

Mortgagor: The person who gives a mortgage pledging his property; in other words, the borrower.

Same with the use of the terms grantor and grantee--when a deed is signed upon the sale of a property, the grantor (seller) gives the property to the grantee (purchaser).

Also, many people tend to think the mortgage is the debt. It's not. When you sign up with a lender, you sign a note which is your promise to pay, and the mortgage, which is your pledge of the property back to the lender if you don't pay.
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