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


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The word “mortgage” is perhaps the greatest help for parties who are making illegal foreclosures.

In all 50 states, this word is universally misused as a synonym for "home loan." Home loans are known as mortgages as a slang term.

But a mortgage is not a home loan at all. It is simply the name of an ancillary, but not essential, instrument used to define the guarantee that a borrower of any type of loan has agreed to give as security for the repayment of a loan. The lender and the borrower agreed that the collateral given by the borrower would be forfeited in the event of default. The term mortgage evolved because the home loan included the property as collateral. The mortgage described 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 instrument of security in most judicial foreclosure states. But, in most states of non-judicial foreclosure, this is a "trust deed". In all 50 states, it is the promissory note that binds the borrower to their debt.

Additionally, in all 50 states, the collateral instrument is only needed or used when a borrower signs a promissory note as physical proof of the money they have. borrowed and used for the purpose agreed upon by the lender and the borrower. This collateral instrument (remember it may be called a mortgage or trust deed) is only used if the borrower completes the redemption of their promissory note (that is, i.e. paid off the home loan), or he becomes unable to pay it.

This is important to remember because court judges do not know how real estate transactions work and they are repeatedly fooled by their perception of the situation and not by the laws. You need to make the judge understand that the promissory note is not the top priority. Debt, not money, is what's really real. It was money that paid for the house. The promissory note is physical proof that a loan of money has been made. But, each party who does the exclusion must prove how they came to legally own it. Possession of the promissory note is no longer proof of ownership of the loan so possession of an automobile is proof of ownership of that automobile. Proof of ownership should come from contracts, wire transfers, cashier's checks, etc. involved in the transaction. The constitution says that without "concrete and specific" evidence to support claims of the right to exclude, there is no right to exclude.

You don't owe your loan holder a promissory note on time, you must repay the money you received as a loan. The promissory note is important because it is all there is to prove debt in case the borrower repays everything or does not complete the payment. We are trying to get this message out to the judges. As a debt collector, the garnishing party will focus on the words of their claim and only on the words and not on the money they represent.

If you have not received the money from the named lender on your promissory note and security, neither party can claim to have legally purchased the promissory note. The fraud is that they only say they have the Promissory Noteak and they don't even try to prove how they got it. Without proving this claim with "concrete and particularized" proof, then the Promissory Note they say they have is void. A debt collector can't collect money from someone who doesn't 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 doubt that he paid from money for your promissory note before you can demand that you pay him back. No borrower can be forced to pay someone they don't owe. I am convinced that 100% of home loans made after 1999 or maybe even earlier nominated a lender who did not give the borrower the money promised. Yes, the borrower absolutely got the money, but from whom? He should only pay the real part in interest.

The debt collector has to prove that it was him or them. After the borrower has spent the borrowed money for the intended purpose, there should be proof of the loan and repayment terms. The promissory note is this proof and is essential proof that a loan has been made and is due. If the borrower and the lender have agreed that something substantial is needed to ensure that the lender can get back the money they loaned, even if the borrower is unable to pay it back . The borrower can pledge something that is their own as collateral commonly known as collateral.

Some synonyms for the word guarantee are: surety, guarantee, guarantee, insurance, indemnity, support, indemnity; as in "she put her house as collateral for the loan"

There is a lot of confusion caused by using the word mortgage to refer to a home loan. Part of this is an innocent evolution of the term note and mortgage which in the past have both been part of the same document or instrument.

But, today, the criminal foreclosure parties (I don't use the word lender here, because very, very rarely the foreclosure party is the actual lender or even the legal owner of the essential promissory note) use mortgage assignments (or deed of trust to supposedly transfer ownership of your loan, but they actually fall prey to the common misconception of the word 'mortgage' as slang meaning "mortgage".

This is a deceptive and distorting intentional act because there is no assignment of the mortgage. “Only the assignment of the promissory note can transfer ownership of a loan. But it's just endorsing the promissory note itself, much like you endorse a check and deposit it in your bank account to your bank. bank or to take money.

The mortgage, like the description and collateral agreement, always follows the promissory note as it is essential to a loan. The promissory note never follows the assignment of the "collateral" mortgage.

The United States Supreme Court described it in the "Longan vs Carpenter" case in 1872, and since all Supreme Court decisions and orders of the United States Supreme Court are binding as that law on all the courts of the country. All courts are branches of the Supreme Court of the United States.

I learned a lot of what I know from 2012 reading from authors who seemed to be trying to help borrowers who were locked in fraudulent foreclosures. Today I know these authors are helpful. were not clear on these issues and the real intention was to find a way to make money with uninformed borrowers / I had an advantage over most borrowers because I am not not a lawyer. However, I have long been a mortgage specialist, because I am both a real estate broker and a mortgage broker (here the term mortgage is once again misused by me).

What we call a lender (among the worst names) claimed to the borrower that they were going to lend them money to buy your house, but the lender can't count on everyone just knowing you've borrowed money. There must be evidence that you borrowed money and know who loaned it to you.

So if I loaned you $ 200,000 (dreamy) and you gave it to the seller, the money is gone. What is left when the money is returned to the seller of the house? All that is left after the money has been paid by you, the borrower, to the seller of the house is the debt to the lender, which is the "debt" that you have to pay off.

You signed the promissory note and gave it to the lender providing them with physical proof that you borrowed the money from them and promised to repay it on the terms you and your lender agreed to . (This includes the interest rate, how long it takes before everything is paid off, how often you pay, and how much you pay each time).

So the promissory note is proof of debt. (But, not actually the debt.) A promissory note should be required by law to be registered, but as we will discuss later, there is a recording which indicates that there was at one point a promissory note.

Now, since you promised to return the money given to you and there is written physical proof of the money you received, then we can say that the promissory note is essential to the transaction you have concluded. For hundreds of years, everyone has been finding out about the promissory note (many pros and other cronies like to say "Note", but I've learned to say it exactly as it's meant to be said).

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

But, the lender paid off the house for you and this house is really the best collateral he can tie to the loan he made. There is no law defining what you and the lender can agree to as what you are going to promise the lender in case you cannot pay back the money you borrowed but the house you buying with that borrowed money makes sense.

In today's world (after 1994) you probably couldn't have convinced a lender to get another collateral, so you probably signed a security instrument outlining the property. and what happens when you have refunded all the money, or what happens if you are unable to refund the money according to the terms of the promissory note.

The security instrument is then, a kind of rulebook about what will hopefully happen and what will happen if things don't go well. Put simply, the instrument of security is the rule book of the loan. It describes the promissory note and this is the guide you will use if A. You pay for the promissory note you signed to get the money needed to buy your house and B. You don't pay for the promissory note.

A better description might be that you are not really paying for your house like we tend to think of it. In effect, you are redeeming the promissory note you signed and issued so that you can use the money. When you finished redeeming your promissory note, you used to always collect the promissory note marked PAID. But, the banking world has swayed legislative bodies across the country to allow shortcuts to this, which has further troubled judges.

The promissory note is no longer proof of debt, because when you have paid off all the money you agreed to, you are no longer in debt. People used to party and burn the promissory note when it was returned to them marked as paid and this purchase in return of a promissory note can be defined as' free and clear ". This term means free from any privilege.

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