Terminology help - Loan Modification Forum

mnhomeowner · 12-29-2008, 01:58 PM

I am wondering what the following statement means? I have noticed it on all of the foreclosure notices in our local paper. Thanks for your help!

the Mortgagor released from financial obligation on mortgage: none

The Professor · 12-29-2008, 02:43 PM

I can guess (but it would only be a guess). The mortgagor is also known as the obligor, or a more understood term would be the borrower. Since this statement reflects "none," my guess is the purpose of this line is to inform the world that this foreclosure doesn't release the borrower from their liability on the underlying debt.

That is of course the way the lender wants it, and unfortunately in many states (e.g. Florida, Texas, etc.), that's the way it is......

Daniel

12-29-2008, 01:58 PM	#1 (permalink)
mnhomeowner Member Join Date: Dec 2008 Posts: 17 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Terminology help I am wondering what the following statement means? I have noticed it on all of the foreclosure notices in our local paper. Thanks for your help! the Mortgagor released from financial obligation on mortgage: none

12-29-2008, 02:43 PM	#2 (permalink)
The Professor Senior Member Join Date: Jul 2008 Location: 49er Gold Country Posts: 1,543 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Terminology help I can guess (but it would only be a guess). The mortgagor is also known as the obligor, or a more understood term would be the borrower. Since this statement reflects "none," my guess is the purpose of this line is to inform the world that this foreclosure doesn't release the borrower from their liability on the underlying debt. That is of course the way the lender wants it, and unfortunately in many states (e.g. Florida, Texas, etc.), that's the way it is...... Daniel

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