substitute mortgagor

(3) 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

12 USC § 1709(g)(3)


Scoping language

None identified. Default scope is assumed to be the entire title.
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