mortgagors

Example:The bank required the homeowner to sign a mortgage agreement on the mortgagor's property.

Definition:The property that is being pledged as collateral for a loan by the mortgagor.

Example:In the event of default, the primary mortgagor is the first party to be held accountable for the outstanding loan balance.

Definition:The individual primarily responsible for repaying the debt secured by the mortgage.

Example:Both spouses are joint mortgagors on the family home, sharing the responsibility for the mortgage.

Definition:An additional party who signs the mortgage agreement along with another individual, agreeing to be equally responsible for the debt.