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 .

[TDL]

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?

I have some thoughts, but 1st, a question: did you get "noticed" by the US-Bankruptcy Court, or the "mortgage company", sort-of in "fyi" terms?