a.Mortgagor = borrower, buyer
i.Mortgagor’s interest known as the “equity” (short for equity of redemption)
ii.Equity of Redemption is the difference in the value of the mortgages property at a foreclosure sale and the amount owed to the lender when a borrower defaults
iii.Not the same as the equity that is the difference between the amount you owe and the amount you borrowed plus your original down payment
b.Mortgagee = lender