mortgagor

A mortgage is prepared by the solicitor of the mortgagee, and the mortgagor bears the whole expenses of the transaction.

Equity gives the mortgagee the right to cut off the mortgagor's equity of redemption by foreclosure.

In that event the mortgagee will be entitled to a deficiency judgment against the mortgagor.

Whenever there is a mortgage, there is an equity of redemption in favor of the mortgagor.