third possessor
- A person who takes ownership of property that has a mortgage on it but does not carry any personal responsibility for the mortgage debt
- The bank sold the foreclosed home to a third possessor who had no obligation regarding the mortgage.
- Although the property was under mortgage, the third possessor did not have to pay the outstanding debt after acquisition.
- The auctioned property was bought by a third possessor who was exempted from the mortgage responsibility.
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