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| Automated Clearing House (ACH) Transfer : Work, Types, Benefits & Drawbacks
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Norboyev B.U.
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Abstract:
A mortgagor is a person or an agency that takes out a loan from a lender (mortgagee) to buy actual property. An individual who receives a loan mortgage, normally from a monetary institution or different financial corporation, to fund the acquisition of a house, land, or business agency property is called the mortgagor. By entering into a mortgage contract, the mortgagor agrees to make regular payments, including principal and interest, over a specified period to repay the borrowed amount. The lender, known as the mortgagee, holds a security interest in the property until the mortgage is fully paid off. If the mortgagor fails to make the required payments, the lender may have the right to foreclose on the property, enabling them to sell it to recover the outstanding debt. The term "mortgagor" is commonly used in the legal and financial use related to real estate transactions and home financing.
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