The mortgagor is the borrower who pledges their property as security for a loan. The mortgagor has certain rights and liabilities in a mortgage transaction. Below are some of the key rights and liabilities of a mortgagor:
Rights of the Mortgagor
- Right to redeem: The mortgagor has the right to redeem the property by paying off the loan in full, along with any interest and costs, at any time before the foreclosure sale takes place.
- Right to get possession: The mortgagor has the right to get possession of the property once the mortgage is fully paid off.
- Right to inspect the property: The mortgagor has the right to inspect the property and ensure that the property is maintained in good condition.
Liabilities of the Mortgagor
- Liability to pay the loan: The mortgagor is liable to repay the loan as per the terms of the mortgage agreement.
- Liability for any damage to the property: The mortgagor is liable for any damage caused to the property while it is under their possession.
- Liability for taxes: The mortgagor is liable for paying all taxes related to the property, including property taxes and other levies.
- Liability for insurance: The mortgagor is liable to maintain adequate insurance on the property to protect the interests of the lender.
