The mortgagee is not the debtor. The mortgagee is the creditor, and the debtor is the person who performs obligations to the creditor. The debtor can be the mortgagor, but a third party can also serve as the mortgagor, and the mortgagee is the person who has priority in receiving payment for the mortgaged property.

Legal basis

Article 394 of the Civil Code

In order to guarantee the performance of a debt, the debtor or a third party shall not transfer possession of the property , if the property is mortgaged to a creditor and the debtor fails to pay due debts or a situation occurs that realizes the mortgage rights as agreed by the parties, the creditor has the right to receive priority payment for the property.

The debtor or third party specified in the preceding paragraph is the mortgagor, the creditor is the mortgagee, and the property providing guarantee is the mortgaged property.

Article 401

If the mortgagee agrees with the mortgagor before the expiration of the debt performance period that the mortgaged property will be owned by the creditor if the debtor fails to perform the due debt, the mortgagee can only claim the property in accordance with the law. Priority will be given to the mortgaged property.