12 U.S.C. § 1707 : US Code - Section 1707: Definitions

Search 12 U.S.C. § 1707 : US Code - Section 1707: Definitions

As used in section 1709 of this title -
(a) The term "mortgage" means a first mortgage on real estate, in
fee simple, or on a leasehold (1) under a lease for not less than
ninety-nine years which is renewable or (2) under a lease having a
period of not less than ten years to run beyond the maturity date
of the mortgage; and the term "first mortgage" means such classes
of first liens as are commonly given to secure advances on, or the
unpaid purchase price of, real estate, under the laws of the State,
in which the real estate is located, together with the credit
instruments, if any, secured thereby.
(b) The term "mortgagee" includes the original lender under a
mortgage, and his successors and assigns approved by the Secretary;
and the term "mortgagor" includes the original borrower under a
mortgage and his successors and assigns.
(c) The term "maturity date" means the date on which the mortgage
indebtedness would be extinguished if paid in accordance with
periodic payments provided for in the mortgage.
(d) The term "State" includes the several States, and Puerto
Rico, the District of Columbia, Guam, the Trust Territory of the
Pacific Islands, American Samoa, and the Virgin Islands.
(e) The term "family member" means, with respect to a mortgagor
under such section, a child, parent, or grandparent of the
mortgagor (or the mortgagor's spouse). In determining whether any
of the relationships referred to in the preceding sentence exist, a
legally adopted son or daughter of an individual (and a child who
is a member of an individual's household, if placed with such
individual by an authorized placement agency for legal adoption by
such individual), and a foster child of an individual, shall be
treated as a child of such individual by blood.
(f) The term "child" means, with respect to a mortgagor under
such section, a son, stepson, daughter, or stepdaughter of such
mortgagor.