Mortgage Co. going bankrupt

[Himself]

Hey Guys.

Thought i would pose this question here as there seems to be quite a bit of knowledge floating around these forums. I have received notice of bankruptcy from my mortgage company and was wondering if there is a way to flip this on their heads and become a creditor to them and file a proof of claim or something to set off the debt.

Anyone have any ideas or knowledge in this area?

[shikamaru]

From what I've seen on CNN, that mortgage note will be sold to someone else.

There is no way to "flip it on their heads".

The only way to get out of the mortgage is to pay it off (discharge) or foreclosure.

A mortgage is a pledge, a pawn, a pignus.

[Himself]

Thanks for your response shikamaru.

That's kinda what i figured. But after hearing some things about contracts and valuable consideration and the like concerning foreclosures, i thought i would see if anyone had any ideas. Would have been nice to have a little fun with the damnable banksters.

[shikamaru]

Thanks for your response shikamaru.

That's kinda what i figured. But after hearing some things about contracts and valuable consideration and the like concerning foreclosures, i thought i would see if anyone had any ideas. Would have been nice to have a little fun with the damnable banksters.

Here is a little history on the mortgage.

A gage is a medieval financial instrument. There were two primary types: a vif-gage and a mortgage.

A gage is a pawn, pledge, or pignus (L.).

A vif-gage would be assumed to be some income producing asset; therefore, the asset would eventually pay off the debt from its profits.
A mortgage is where the asset does not pay off the debt; therefore, the borrower has to cough up the principal. The creditor gets all the profits. This was presumed to be akin to usury during that time.

A mortgage is a secured debt. The house and land are the security for the loan.
The mortgage note is the bond. The mortgagor is the issuer. The mortgagee is the creditor.

In the past, the title to the security was transferred to the creditor until discharged. Once discharged, the borrower has the right of redemption.

Today, a lien takes the place of the transferal of title.

In sum, a mortgage is a pledge. Pledging is bad news generally.

[Himself]

Thanks for the additional info. I always enjoy learning something new

Men should pledge themselves to nothing; for reflection makes a liar of their resolution.
Sophocles

[shikamaru]

Thanks for the additional info. I always enjoy learning something new

We haven't even covered the concept of equity in finance yet .

[Himself]

The pulpit is all yours you'll have at least one interested party.

[shikamaru]

The pulpit is all yours you'll have at least one interested party.

http://savingtosuitorsclub.net/showt...-%28finance%29

[Himself]

That is very interesting. So how should one go about controlling and not owning, is that done through trusts or some other contrivance? Can one set oneself up in such a way that they are always the first paid, kind of like the UCC stuff?

Sorry if that sounds a bit daft, but i have been learning a whole lot about a whole lot and haven't quite zeroed in my knowledge as of yet. From all the stuff i have found online and read, most have just left me with more questions and doubts. Most of the gurus only seem to have a lot of theories and not much in the way of evidence. That is why i am glad to have finally found this place-good knowledgeable people, great theories, and evidence-the trifecta

[shikamaru]

That is very interesting. So how should one go about controlling and not owning, is that done through trusts or some other contrivance? Can one set oneself up in such a way that they are always the first paid, kind of like the UCC stuff?

The model I practice is called the public-private model. It is binary.

The private side is lawful and stresses private ownership with property held in allod. Gold and silver specie. No debts, onerous contracts, and other entanglements here.

The public side is legal and stresses business. This is where interests, contracts, as well as FRNs. This is where debt is housed.

The private side is ownership in allod.
The public side is control with shared ownership with others.

You keep both sides separate with strictly defined interfaces between them.

In addition, the model also supplemented with a lifeboat strategy as well as a bugout plan.

Stay away from the UCC stuff. Much of it is garbage.

A trust is a method of controlling property as well as shielding from liability. Before you do anything though, one must know their reasons for doing such along with a plan.

This model may not be a fit for most people for it requires having a high degree of knowledge in both law and finance.