substitute mortgagor
Defined in 1 place of the United States Code.
For purposes of this subsection, the term “substitute mortgagor” means a person who, upon the release by a mortgagee of a previous mortgagor from personal liability on the mortgage note, assumes such liability and agrees to pay the mortgage debt.
Source
- 1994–present12 U.S.C. § 1709Banks and Banking · Insurance of mortgages · under this chapter