[Absmith-gt] NUMBER ONE Success System

Tommy Lee noss1233 at gmail.com
Wed Aug 22 09:04:44 EDT 2007


http://www.noss123.com/


 The mortgage debt remained in effect whether or not the land could
successfully produce enough income to repay the debt. In theory, a mortgage
required no further steps to be taken by the creditor, such as acceptance of
crops and livestock, for repayment.

Anyone seeking to profit from their endeavors are encouraged to investigate
the many profit-making opportunities available today - no such program is
offered here. Participants give freely of themselves and expect nothing in
return.

The difficulty with this arrangement was that the lender was absolute owner
of the property and could sell it, or refuse to reconvey it to the borrower,
who was in a weak position. Increasingly the courts of equity began to
protect the borrower's interests, so that a borrower came to have an
absolute right to insist on reconveyance on redemption. This right of the
borrower is known as the "equity of redemption".

This arrangement, whereby the mortgagee (the lender) was on theory the
absolute owner, but in practice had few of the practical rights of
ownership, was seen in many jurisdictions as being awkwardly artificial. By
statute the common law position was altered so that the mortgagor would
retain ownership, but the mortgagee's rights, such as foreclosure, the power
of sale and the right to take possession would be protected.

In the United States, those states that have reformed the nature of
mortgages in this way are known as lien states. A similar effect was
achieved in England and Wales by the Law of Property Act 1925, which
abolished mortgages by the conveyance of a fee simple.
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