Explain Any One Duty of a Mortgagor

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​ Explain Any One Duty of a Mortgagor

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The Answer is The mortgagor must make all payments of interest and principal as they become due. A failure to pay either the periodic payments of interest and principal or of interest only constitutes a default. A default gives the mortgagee the right to foreclose.
The mortgagor must also pay any taxes and assessments. Failure to pay becomes a default.
Finally, the mortgagor must not act in a way which would materially impair the value of the security. Generally, this means a mortgagor may not cause any damage to the property.

​ Explain Any One Duty of a Mortgagor

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Explain Any One Duty of a Mortgagor