Mortgage debtor: everything you need to know

Being able to distinguish between the different figures in a mortgage loan is a very important point. Since, when starting to search for you need to a mortgage, we will encounter a wide variety of terms that we do not know . Knowing in detail what they are about is essential so that you can choose the best mortgage without misunderstandings . Among the figures of a mortgage loan there is one of great importance for you, it is the mortgage debtor . Here we will tell you who he is. Mortgage debtor: What is it about? When we talk about the figure of the debtor we are referring to the person who incurs a debt. This means that the most formal definition of a mortgagor is that of a person who has the obligation to comply with the duty constituted in the mortgage loan. In other words, this is the person who appears on the loan as the debtor and who has the obligation to pay the mortgage. This figure can also appear with the name of mortgage debtor.

Who can be a mortgagor?

Anyone has the possibility of being a mortgage debtor; they only have to meet some requirements for the bank to allow them to access a mortgage loan . To become a mortgage debtor, you will only need to take out a mortgage loan in your Nigeria Phone Number List name and be the one who must be responsible for the return of the mortgage money. This includes both people with Spanish nationality and those from any other country . It is for these cases that there are mortgages for non-residents . In any case, just because you have the possibility of applying for a mortgage does not mean that you should take it lightly. Here we will explain why. This code brings together different solutions , among them are debt restructuring, dation in payment or affordable rents for the mortgage debtor who is in a vulnerable situation.

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What are the duties and rights of a mortgage debtor?

The figure of the mortgagor brings with it a series of duties. First of all, he must be responsible for paying the mortgage loan and he. Will have to do so under the conditions stipulated in the contract that he has signed. For this reason, it is Argentina Phone Number List essential to be clear about the elements that make up a mortgage loan and what the most common clauses are. On the other hand, it will also have a series of rights that are included. In the Mortgage Law and different decrees such as Royal Decree Law. These rights improved consumer protection in terms of floor clauses and other types of clauses that were abusive. In this regard, the law is fundamentally responsible for protecting the most vulnerable people. Certain mechanisms are also added to this , for example, the Code of Good Practices. Adherence to it is voluntary, and entities such as UCI (Real Estate Credit Union) appear there.

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