mortgagee in possession definition

mortgagee in possession means a mortgagee who in right of a mortgage has entered into and is in possession of the mortgaged property.

mortgagee in possession means a person or body which has entered into a mortgage in respect of the Dwelling and has taken action following a default by the borrower in respect of the repayments due under that mortgage and shall include any receiver appointed by any such mortgagee

mortgagee in possession means a mortgagee who, in right of the mortgage, has entered into and is in possession of the mortgaged property, and “mortgaged property in possession of the mortgagee” shall be construed accordingly;

Examples of mortgagee in possession in a sentence

• Mortgagee in Possession Mortgagee in Possession means a person or body which has entered into a mortgage in respect of a dwelling constructed on the Land and has taken action following a default by the borrower in respect of the repayment due under that mortgage.

• If at 3 months the Debt has not been settled the Council can force a sale to recoup the Debt thereby becoming the Mortgagee in Possession.

• The second and third options stipulate that where the property is repossessed, the Mortgagee in Possession will be unencumbered by the restrictions set out within the S106, however any subsequent occupier will affected by the requirements of the S106.

• The first of these stipulates that where the property is repossessed, the Mortgagee in Possession will be affected by all restrictions stipulated within the S106 Agreement.

• With respect to Mortgagee in Possession five potential options were considered to reflect different approaches to this matter that may be sought to use.

More Definitions of mortgagee in possession

mortgagee in possession. Means a mortgagee of a Dwelling or the Site who has entered into possession of a Dwelling or the Site or who has appointed a receiver or administrative receiver under the security or has otherwise exercised its power of sale.

mortgagee in possession means a mortgagee that, upon default of the borrower, has taken over control and/or occupancy of a property in order to collect income from the property and/or to prepare the property for foreclosure.

mortgagee in possession means any person who iseither

mortgagee in possession means a person or body which has entered into a mortgage in respect of an affordable dwelling constructed on the land and has taken action following a default by the borrower in respect of the repayment due under that mortgage. The clause allows the release of affordable housing occupancy restrictions in favour of the mortgagee.

mortgagee in possession means any person who is either

mortgagee in possession means any person who is either (a) a Mortgagee which has possession of a Unit as a result of a default under a Mortgage held by such person, or (b) the Unit Owner of a Unit as the result of the conveyance to such person of the Mortgagor's equity of redemption therein either as the result of a foreclosure proceeding under a Mortgage, or in lieu of such foreclosure proceeding.

mortgagee in possession means a mortgagee who in right of a mortgage 31