In event of failure to pay the loan when due or any other default, the mortgagee has numerous remedies in respect to the property pledged by the mortgage.

The mortgagee may, with the consent of the mortgagor, take possession of the mortgaged property. He is then known as a "mortgagee in possession." This gives him no greater legal title to the property than he had under the mortgage; it merely entitles him to collect the benefits of the property. His possessory right ceases as soon as he has been paid either from the revenue out of the property or by the mortgagor. This form of remedy is seldom utilized by the mortgagee as he must account for all receipts from the property and years may pass before he has collected the amount of his claim.