third possessor

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

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