Co-mortgagor
Definition
- A second borrower who signs a mortgage contract to provide financial assistance for the loan requirements. Co-mortgagors are jointly liable with the other mortgagor for repayment of the mortgage balance. Often the co-mortgagor will also receive a portion of the property ownership in exchange for co-signing the loan.
Synonyms
partner, undersign, accomplice, ally mortgage, participant
Related Terms and Acronyms
- Co-signer — Definition,
- A person who signs a promissory note that is also signed by one or more other parties. All parties take responsibility for the debt if any of the others renege.
- Mortgage Application — Definition, Very Important,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Mortgagor — Definition,
- The borrower in a mortgage transaction.
