A mortgage involves two primary parties: the mortgagor and the mortgagee. Here’s a breakdown of each party’s rights and remedies:
Mortgagor (Borrower)
The mortgagor is the borrower in a mortgage agreement, typically the property owner who takes out the loan.
Rights:
Right to Possession: The mortgagor retains the right to possess and use the property as long as they comply with the mortgage terms.
Right to Redeem: The mortgagor has the right to redeem the property by paying off the loan in full before a foreclosure sale.
Right to Notice: The mortgagor has the right to receive notice of default and foreclosure proceedings.
Right to Equity of Redemption: The mortgagor can reclaim the property by paying the debt after a default but before the foreclosure sale.
Remedies:
Payoff and Discharge: The mortgagor can pay off the mortgage loan to discharge the mortgage and release the lien on the property.
Reinstatement: The mortgagor may reinstate the loan by making all overdue payments to stop foreclosure.
