3.114- What is the Definition of “creditor”

Mortgage creditor is defined as an entity or a servicer, declaring a claim affixed by a consensual lien through means of a mortgage or deed of trust on real property. It can be the principal residence of the Debtor, seasonal or second home, or an Investment Property. A mortgage creditor also classically alludes to financial institutions or an individual who is owed money albeit its precise definition can alter contingent on the situation at hand.

Related Topics: What is a mortgage lender/funder ? What is a Mortgage Servicer?

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