Mortgagees

A mortgagee is a person or entity that holds a mortgage on real property. This means they have a legal claim to the property until the mortgage is paid off. The mortgagee typically lends money to the mortgagor (the property owner) and receives a promissory note and a deed of trust as security for the loan. The deed of trust is a legal document that gives the mortgagee the right to take possession of the property if the mortgagor defaults on the loan. Mortgagees can be banks, credit unions, or other financial institutions. They play a crucial role in the real estate market by providing financing for property purchases and helping homeowners manage their debt. The relationship between the mortgagee and the mortgagor is governed by the terms of the mortgage agreement, which outlines the repayment schedule, interest rate, and other conditions. If the mortgagor fails to make payments, the mortgagee has the right to foreclose on the property, which means selling it to recover the outstanding loan amount.