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

“Curse my eyes… people I’ve seen… crawling” pass The Collapse of the American Dream”

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Perhaps the greatest help to parties involved in illegal foreclosures is the word “mortgage.”

The term is widely misused as a synonym for “home loan” in all 50 states. Home loans have been called mortgages as a slang term.

However, a mortgage is not a home loan at all. It is just the name of an incidental, but not required, instrument used to define any type of loan where the borrower agrees to pledge as collateral to secure the repayment of the loan. The lender and the borrower have agreed that in the event of a default, the borrower’s pledged collateral will be forfeited. The term mortgage has evolved from the fact that a home loan includes property as collateral. Collateral describes the collateral. In fact, the correct name for such a document or instrument is a “security instrument”.

In most states that have jurisdiction over foreclosures, the term “mortgage” is used to identify security instruments. However, in most non-judicial foreclosure countries, it is called a “trust deed”. In all 50 states, it is the promissory note that links the borrower to his debt.

Additionally, in all 50 states, a security instrument is only required or used if the borrower signs a promissory note as physical evidence of the money he borrowed and for a purpose mutually agreed upon by both the borrower and the lender. This security facility (remember, it may be called a mortgage or deed of trust) is only used if the borrower completes repurchasing their promissory note (meaning paying off the home loan) or becomes insolvent.

This is important to remember because court judges have no idea how real estate transactions work, and they are fooled time and time again by their perception of the situation rather than the law. You have to make the judge understand that the promissory note is not the most important thing. Debt, not money, is the real truth. This is the money to buy a house. A promissory note is physical evidence of the loan. However, each foreclosed party must prove how he legally owned it. Possession of a promissory note is no longer proof of title to a loan, ownership of a car is proof of title to that car. Proof of ownership must come from contracts, wire transfers, cashier’s checks, etc. involved in the transaction. The Constitution states that if there is no “concrete and concrete” evidence to support a claim of foreclosure, then there is no right to foreclosure.

You don’t owe the holder a promissory note when the loan comes due, you owe the money you received as the loan. The promissory note is important because it is all that proves the existence of the debt in the event the borrower pays it in full or fails to make the payment. We focused on conveying that message to the judges. A foreclosed party acting as a debt collector will focus on the words of its claim, and only on the words and not on the money it represents.

If you do not receive money from the named lender on your promissory note and security paperwork, neither party can claim that they legally purchased the promissory note. The fraud is they just say they have the promissory note, they don’t even try to prove how they got it. If this claim is not substantiated by “concrete and concrete” evidence, then the promissory note they say is void. Debt collectors cannot collect money from people who do not owe them money.

The debt collector has to prove that he is entitled to collect the debt (foreclosure is a type of “debt collection”), so they also have to prove beyond a doubt that they paid your promissory note before they can demand any repayment from you. A borrower cannot be made to pay someone he does not owe. I believe that 100% of home loans made after 1999 or possibly earlier have lenders who have not provided any committed funds to the borrower. Yes, the borrower absolutely got the money, but from whom? He should only pay true party interest.

The debt collector has to prove it’s him, or them. Once the borrower has used the loan for the intended purpose, there must be evidence of the loan and terms of repayment. The promissory note is evidence and is an important proof that the loan has been disbursed and owed. If the borrower and the lender agree that something substantial is needed to guarantee that the lender can get back the money they lent, even if the borrower cannot pay it back. A borrower can pledge something he owns as security, commonly called collateral.

Some synonyms for the word collateral are: surety, guarantee, guarantee, insurance, indemnity, backing, indemnification; as in “she puts her house as collateral for the loan”

Using the term mortgage to mean a home loan can cause a lot of confusion. Some of these are innocent evolutions of the terms Note and Mortgage, which used to be part of one file or tool.

However, today’s criminal foreclosure parties (I don’t use the term lender here because the foreclosure party is rarely the actual lender, or even the legal owner of the basic promissory note) are using the transfer trust book of the mortgage (or deed) Title to your loan should be transferred. But they’re actually exploiting a common misuse of the word “mortgage” as slang for “home loan.”

This is an act of deliberate deceit and misrepresentation because there is no transfer of mortgage. Only the transfer of the promissory note transfers title to the loan. However, this just endorses the promissory note itself, just like you would endorse a check to deposit it into your bank account at the bank or to withdraw cash.

Mortgage Description and agreement as collateral, always follow the promissory note as it is essential to the loan. A promissory note never follows an assignment of “attached” mortgages.

The United States Supreme Court described this in Longan v. Carpenter in 1872, as all decisions and orders of the Supreme Court of the United States are legally binding on all courts across the country. All courts are branches of the United States Supreme Court.

Beginning in 2012, I learned as much as I knew from reading authors who seemed to be trying to help borrowers locked in fraudulent foreclosures. Today I know those authors are helpful though. I’m not clear about the questions, the real purpose is to figure out how to make money from misleading borrowers/I have an advantage over most borrowers because I’m not a lawyer. However, I have long been a home loan expert because I am both a real estate agent and a mortgage broker (again the word mortgage is being misused by me here).

What we call a lender (an even worse name) claims to the borrower that they will lend him or her money to buy your house, but the lender can’t trust everyone knowing you borrowed money. There must be proof that you borrowed the money and you know who lent it to you.

So, if I loan you $200,000 (Dreamer) and you give it to the seller, the money is gone. What’s left of the money for the seller? After you, the borrower, pay the seller of the house, all that is left is a debt to the lender, which is a “debt” that you must repay.

You sign the promissory note and give it to the lender, giving them physical proof that you have borrowed money from them and promise to pay it back according to the terms you and your lender agree to. (This includes the interest rate, how long it takes until it’s all paid off, how often you pay, and how much you pay each time).

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

Now, since you have promised to pay back your money, and have written physical proof that you received the money, we can say that the promissory note is essential to the transaction you made. Promissory notes have been unfamiliar to everyone for hundreds of years (many professionals and other lackeys love to say “notes,” but I’ve learned to say exactly what it means).

In any case, everyone has known for hundreds of years that the promissory note is the only integral part of a home loan.

However, the lender paid for the house for you, and that house was really the best collateral he had against the loan he was making. There’s no law that says what you and the lender can agree on is what you promise the lender in case you can’t pay back the money you borrowed, but it’s logical that you buy a home with the money you borrowed.

In today’s world (post 1994) you probably can’t convince a lender to get any other collateral, so you probably sign a security paperwork describing the property and what happens when you pay it all back, or if you can’t What Happens Repayment of money according to the terms of the promissory note.

A security tool, then, is a sort of rulebook of what happens when things go well and what happens when things don’t. Put more simply, securities instruments are the rulebook for lending. It describes the promissory note, and it’s the guide you’ll use when: A. you pay off the promissory note you signed to get money for the house, and B. you don’t pay off the promissory note.

A better description might be that you haven’t really paid off your house as much as we think. In effect, you are buying back the promissory note you signed and issued in order to use the money. When you finished repurchasing a promissory note, you used to always return the promissory note and mark it as paid. But the banking industry has influenced legislatures across the country, allowing shortcuts that further confuse judges.

The promissory note is no longer evidence of any debt because when you have paid all the money you agreed to, you are no longer in debt. People used to throw parties and burn the promissory note when it was returned to them, and this buyback of the promissory note can be defined by the term “free and clear”. This term means the absence of any lien.

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