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Rights and Liabilities of Mortgagee

The mortgagee is the lender who provides a loan and takes a security interest in the property of the borrower as collateral. The mortgagee has certain rights and liabilities in a mortgage transaction. Below are some of the key rights and liabilities of a mortgagee:

Rights of the Mortgagee

  1. Right to foreclose: The mortgagee has the right to foreclose on the property and sell it to recover the loan amount in case the mortgagor defaults on the loan.
  2. Right to receive payment: The mortgagee has the right to receive the loan payment as per the terms of the mortgage agreement.
  3. Right to inspect the property: The mortgagee has the right to inspect the property to ensure that it is being maintained in good condition.

Liabilities of the Mortgagee

  1. Liability to return the property: The mortgagee is liable to return the property to the mortgagor once the loan is fully repaid.
  2. Liability for wrongful foreclosure: The mortgagee is liable for wrongful foreclosure if they foreclose on the property without following the legal procedures or if they do not have a valid claim on the property.
  3. Liability for damages: The mortgagee is liable for any damages caused to the property while it is under their possession.
  4. Liability for insurance: The mortgagee may be liable for maintaining adequate insurance on the property to protect their interests..

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