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Pro Se Primer 101 – 1 – Home Loan Terms and Documents: Promissory Note, Mortgage, or Deed of Trust

Pro Se Primer 101 – 1 – Home Loan Terms and Documents: Promissory Note, Mortgage, or Deed of Trust

Pro Se Primer 101 – 1 – Home Loan Terms and Documents: Promissory Note, Mortgage, or Deed of Trust

“Curse my eyes… The people I have seen… Crawling through the wreck of the american dream”

Vacation Ranch

Perhaps the greatest aid to illegal foreclosure parties is the word “mortgage.”

In all 50 states, this word is universally used as a synonym for “home loan.” Home loans have been known as mortgages as a slang term.

But, a mortgage is not a home loan at all. It is only the name of an incidental, but not essential, instrument used to define the security that a borrower of any type of loan has agreed to pledge as security for the repayment of a loan. The lender and the borrower have agreed that the borrower’s pledged security must be forfeited in the event of default. The term mortgage evolved from the fact that the home loan included the property as collateral. The mortgage describes the collateral. In fact, the correct name for this type of document or instrument is “security instrument”.

The term “mortgage” is used to identify the security instrument in most foreclosure states. But, in most non-judicial foreclosure states it is known as a “deed of trust”. In all 50 states, it is the promissory note that binds the borrower to his debt.

In addition, in all 50 states, the security instrument is only required or used when a borrower signs a promissory note as physical evidence of money borrowed and used for the purpose that both the lender and the borrower have agreed This security instrument (remember, it can be called a mortgage or a deed of trust) is only used if the borrower has just repurchased their promissory note (i.e. paid off the home loan), or is unable to pay it.

This is important to remember because court judges do not know how real estate businesses work and are misled time and time again by their perception of the situation and not the laws. You need to make the judge understand that the promissory note is not the highest priority. Debt, or money is what is real. It was the money that paid for the house. The promissory note is the physical evidence that a loan of money was made. But, each party to the foreclosure must prove how they legally became the owner. Possession of the promissory note is no longer proof of ownership of the loan, then possession of an automobile is proof of ownership of that automobile. Proof of ownership should come from contracts, cables, cashier’s checks, etc. involved in the agreement. The constitution says that without “concrete and particularized” evidence supporting the claims of the right to enforcement, that there is no right to enforcement.

You do not owe a note to the holder at the time of the loan, you owe the money you received as a loan back. The promissory note is important because it is all that exists to evidence the debt in the event that the borrower pays in full or does not finish the payment. We focus on directing this message to the judges. The adjudicator as a debt collector will focus on the words of your claim and only the words and not the money it represents.

If you have not received the money from the lender named in your promissory note and security instrument, there is no way that any party can claim to have legally purchased the promissory note. The fraud is that they just say they have the promissory note and don’t even try to prove how they got it. Without proving that claim with “concrete and particularized” evidence, then the promissory note they claim to have is void. A debt collector cannot collect money from someone who does not owe them money.

The debt collector must prove that he has the right to collect (foreclosure is an act of “debt collection”), so he must also prove beyond a reasonable doubt that he paid money on your note before he can demand that you pay them back. No borrower can be forced to pay someone who does not owe. I am convinced that 100% of home loans made after 1999 or even earlier named a lender who did not give the borrower any of the promised money. Yes, the borrower absolutely got the money, but from whom? He should only pay interest on the actual portion.

The collector must prove that it was him or them. Once the borrower has spent the money borrowed for the intended purpose, there must be evidence of the loan and the terms of repayment. The promissory note is that proof and is essential proof that a loan has been made and is owed. If the borrower and the lending party have agreed that something substantial is needed to ensure that the lending party can recover the money lent by them, even if the borrower cannot pay it back. The borrower can pledge something they have as collateral which is usually called collateral.

Some synonyms for the word collateral are: endorsement, guarantee, guarantee, insurance, indemnity, support, indemnity; as in “she put up her house as collateral for the loan”

There is a lot of confusion caused by the use of the word mortgage to mean a home loan. Part of this is an innocent evolution of the terms Note and Mortgage which in the past have been part of a document or instrument.

But today, foreclosure assignees (I’m not using the word lender here, because very, very rarely is the assignee the actual lender or even the legal owner of the underlying note) use assignments of mortgage (or deed ). of trust to supposedly transfer ownership of your loan, but they’re really taking advantage of the common use of the word “mortgage” as slang for “home loan.”

This is an act of deception and intentional misrepresentation, since there is no such thing as an assignment of the mortgage.” Only the assignment of the promissory note can transfer ownership of a loan. But, it is done only by guaranteeing the promissory note itself, of the same way you endorse a check to deposit it into your bank account at your bank or to get cash.

The mortgage, like the description and the contract of guarantee, always follows the promissory note as it is essential for a loan. The promissory note never follows the assignment of the “incidental” mortgage.

The Supreme Court of the United States described it in the case of “Longan vs Carpenter” in 1872, and since all judgments and orders of the Supreme Court of the Supreme Court of the United States are binding as law on all courts of the nation. All courts are arms of the US Supreme Court.

I learned a lot of what I know starting in 2012 from reading authors who seemed to be trying to help borrowers who were locked up in fraudulent foreclosures. Today I know these authors are helpful. I was not clear about these issues and the real intention was to find a way to make money off the misinformed borrowers / I had an advantage over most borrowers because I am not a lawyer. However, I have been a specialist in home loans for a long time, because I am a real estate broker and a mortgage broker (here again I use the term mortgage incorrectly).

What we call a lender (among the worst names) claimed to the borrower that they would lend you money to buy your home, but the lender can’t trust that everyone just knows that you borrowed money. There must be evidence that you borrowed money and that you know who lent it to you.

So if I loaned you $200,000 (dreamer) and you gave it to the home seller, the money is gone. What is left when the money is given to the seller of the house? All that is left after paying the money from you, the borrower, to the home seller is the debt owed to the lender, which is the “debt” you owe.

You signed the promissory note and gave it to the lender providing physical proof that you borrowed the money from them and promised to pay it back according to the terms you agreed with your lender. (This includes the interest rate, the amount of time until it’s all paid back, how often you pay, and how much you pay each time you pay).

Therefore, the promissory note is evidence of debt. (But it’s not actually the debt.) The law should require a promissory note to be recorded, but as we’ll discuss later there is a record that indicates there was once a promissory note.

Now, since you promised to return the money they gave you, and there is written physical evidence of the money you received, we can say that the promissory note is essential to the deal you made. For many hundreds of years, everyone is new that I will pay it (many professionals and other puppets like to say “Note”, but I have learned to say it exactly as it should be said).

Anyway, for literally hundreds of years, everyone has always known that the promissory note is the one indispensable piece of a home loan.

But, the lender paid off the house for you and that house is really the best collateral for you to tie to the loan they made. There is no law that defines what you and the lender can agree to as what you commit to the lender in the event that you are unable to pay back the money you have borrowed, but the house you are buying with that borrowed money makes logical sense.

In today’s world (post-1994), you probably couldn’t have agreed with a lender for any other security, so you probably signed a security deed that describes the property and what happens when you’ve paid back all the money, or what happens if you cannot repay the money according to the terms of the promissory note.

The safety instrument is therefore a kind of rule book about what will happen if everything goes well and what will happen if things don’t go well. More simply, the security instrument is the rule book for the loan. It describes the promissory note and is the guide you will use if you A. Pay the promissory note you signed to get the money to buy your house and B. Don’t pay the promissory note.

A better description might be that you’re not actually paying for your home the way we usually think of it. You actually redeem the promissory note that you signed and issued in order to take advantage of the money. When you just bought your promissory note, you used to always get the promissory note marked PAID. But, the banking world influenced legislatures across the country to allow shortcuts to this that further confused the judges.

The promissory note no longer shows any debt, because when you paid back all the money you agreed to, you no longer have any debt. People used to have parties and burn the promissory note when it was returned to them marked as paid and this purchase of a promissory note can be defined by the term “free and clear”. This term means free of any encumbrance.

#Pro #Primer #Home #Loan #Terms #Documents #Promissory #Note #Mortgage #Deed #Trust

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