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The Creditor - the
mortgagee or lender which is in most cases a bank.
They have legal rights to the debt secured by the mortgage and often
make a loan to the debtor for the purchase money for the property.
Typically creditors are banks, insurers or other financial
institutions who make loans available for the purpose of real estate
purchase.
The Debtor - variously referred to as the mortgagor or
borrower.
They must meet the requirements of the mortgage conditions (and
often the loan conditions) imposed by the creditor in order to avoid
the creditor enacting provisions of the mortgage to recover the
debt. Typically the debtors will be the individual home-owners,
landlords or businesses who are purchasing their property by way of
a loan.
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