Mary purchases a property with the help of a fixed-rate loan. Why is Mary considered the mortgagor and the lender the mortgagee? Mary is not considered the mortgagor. Since she received a loan from a lender, she is considered the mortgagee. • OA mortgage is a legal document that gives the lender the right to foreclose on the property if Mary defaults on the loan. Mary gives this security to the lender, and in return, the lender gives Mary the loan. Since Mary is giving the mortgage to the lender she is considered the mortgagor. Since Mary recently obtained the loan, she is still considered the mortgagor. Once the loan is paid off, she will be considered the mortgagee. O Since Mary obtained a fixed-rate loan, she is considered the mortgagor. If she obtained any other type of loan, she would be considered the mortgagee.
Mary purchases a property with the help of a fixed-rate loan. Why is Mary considered the mortgagor and the lender the mortgagee? Mary is not considered the mortgagor. Since she received a loan from a lender, she is considered the mortgagee. • OA mortgage is a legal document that gives the lender the right to foreclose on the property if Mary defaults on the loan. Mary gives this security to the lender, and in return, the lender gives Mary the loan. Since Mary is giving the mortgage to the lender she is considered the mortgagor. Since Mary recently obtained the loan, she is still considered the mortgagor. Once the loan is paid off, she will be considered the mortgagee. O Since Mary obtained a fixed-rate loan, she is considered the mortgagor. If she obtained any other type of loan, she would be considered the mortgagee.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges
Section: Chapter Questions
Problem 9P
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Transcribed Image Text:Mary purchases a property with the help of a
fixed-rate loan. Why is Mary considered the
mortgagor and the lender the mortgagee?
Mary is not considered the mortgagor.
Since she received a loan from a lender, she
is considered the mortgagee.
• O A mortgage is a legal document that
gives the lender the right to foreclose on the
property if Mary defaults on the loan. Mary
gives this security to the lender, and in
return, the lender gives Mary the loan. Since
Mary is giving the mortgage to the lender
she is considered the mortgagor.
Since Mary recently obtained the loan, she
is still considered the mortgagor. Once the
loan is paid off, she will be considered the
mortgagee.
O Since Mary obtained a fixed-rate loan, she is
considered the mortgagor. If she obtained any
other type of loan, she would be considered the
mortgagee.
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