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January 26, 2011
The word 'debtor' refers to a person who owes money to a lending institution or private individual. People and companies that lend money are referred to as creditors. This can encompass banks, credit unions, credit card companies, department stores, and private funding sources such as hard money lenders, family or friends.
In the financial world, debtor can also be referred to as borrower or mortgagor. The latter is used in deed of trust contracts and mortgage notes. These descriptions are interchangeable, but also refer to the persons who borrowed funds and are responsible for repayment of outstanding debts.