Split Legal Georgia Mortgages Forms For Free

A mortgagee is a lender: specifically, an entity that lends money to a borrower for the purpose of purchasing real estate. In a mortgage transaction, the lender serves as the mortgagee and the borrower is known as the mortgagor.

In fact, the mortgagee is legally the named real estate property owner of the property's title until you've paid off your mortgage based on the terms you've agreed to. As legal owner during the life of your loan, the mortgagee has the right to seize and sell your home if you default on your mortgage.

The "lender" is the financial institution that loaned you the money. The lender owns the loan and is also referred to as the "note holder" or "holder." Sometime later, the lender might sell the mortgage debt to another entity, which then becomes the new loan owner (holder).

In an equitable mortgage, your lender can only sell your property through an auction if you have a default in loan repayment. In a registered mortgage, your bank has more legal freedom to do whatever they want with your property, including selling it to other lenders who may sell it back to you at an inflated price.

An equitable mortgage is a common-law concept where the borrower pledges property as collateral without registering the mortgage with a government agency. A registered mortgage is a legal document where the charge on the property is created and recorded with a government agency.

In general, the lender evaluates the application the way the applicants submit it, without regard to whose name is listed first.