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Questions and Answers
Who is a mortgagee?
Who is a mortgagee?
- The person who sells a property
- The person who inspects a property
- The person who purchases a property
- The person who loans funds to purchase a property (correct)
What happens if a mortgagor defaults on their loan?
What happens if a mortgagor defaults on their loan?
- The mortgagor is forgiven for the debt
- The mortgagee cancels the loan
- The property becomes the mortgagee's (correct)
- The mortgagee loses their investment
Who can be a mortgagee?
Who can be a mortgagee?
- Anyone (correct)
- Only financial institutions
- Only parents
- Only friends
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