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I like this guys style. Frivilous Pleading Letter.
Great piece on assignment fraud.
What does the word mortgage mean?
What the borrowers, lenders and the legal system have forgotten, is that a “mort” “gage”, ie “death gamble” is a two way contract. When one boils it down to basics (extracting all the legalese and terms
of interest etc.) it is a bet between two parties on afuture event, the death of the borrower or the death
of the lender. If the borrower dies first, the debt is due on death. Even if the borrower paid into it for twenty years and had 90% equity, the outstanding equity owned by the lender would be due in 30 days. If
not paid, the lender could foreclose and evict the remaining family members. That’s why prudent
borrowers take out life insurance on the loan at the very beginning.
The flip side of the coin, is that if the lender dies,(gets dissolved) without first assigning the mortgage,
the borrower wins the death gamble because there no longer exists a valid mortgagee to whom the debt
is owed. The borrower win the equity of the lender. It’s similar to joint owners with rights of survivor
JOWROS. If one dies, the other gets the property. Many of these fly by night pretender lenders died
(got dissolved) without having ever assigned the mortgage, but the servers (collectors) are posing
as the owner of the debt, when in fact they are not the owners of the debt. They are cheating the winners
of the “death gamble” out of their lawful winnings. Their motto is “heads we win, tails you lose!” They
are taking the “gage” out of the “mort-gage”.
States should require translation of the word mortgage directly under the term in English “death gamble!