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Updated: May 9, 2025
The Kansas farmers concluded that all their unhappiness, and they suffered real stress, was due to the wicked mortgagees who had lent them money on mortgage security and who insisted on the payment of interest and even the principal when it was due. So they elected a Populist legislature and passed a law providing that a mortgagee could not foreclose his mortgage under two years.
Gabe Foley had paused in his manipulation of a king to hurl a question at the Greenvale men. "Is it true that old man Strong is to be turned out next week?" "True enough," answered William Jeffers. "Joe Moore is going to foreclose. Stephen Strong has got three years behind with the interest and Moore is out of patience. It seems hard on old Stephen, but Moore ain't the man to hesitate for that.
No use to go to court Menocal owns everything and everybody around here. So I'm quitting." "The sheep business isn't all roses, that's certain," Lee Bryant remarked. "It's hard luck that your band ran down just when the price of mutton and wool is going up. So you're letting the ranch slide?" "Yes, I can't pay the mortgage; Menocal would foreclose at once if I tried to stay.
"That I am aware of," he said, "but what I mean is where does your church get its power, for example, to hold property, to collect debts, to use distraint against the property of others, to foreclose its mortgages and to cause judgement to be executed against those who fail to pay their debts to it? You will say at once that it has these powers direct from Heaven.
If a contractor for the yearly sale of the woods was bankrupt and did not pay, how could I get my interest? Answer me that, Gandrin." "Certainly you must run the risk of that chance." "Of course the chance occurs, and then I foreclose, seize, Rochebriant and its seigneuries are mine."
Perhaps, then, he won't be so anxious to foreclose, and will give you time to look among your friends." Guy laid a little emphasis on that last word, and looking up quickly grandpa was about to say: "I am not so much a stranger as you think. I knew your father well;" but he checked himself with the thought: "No, that will be too much like begging pay for a deed of mercy done years ago."
Scattergood reached down and took off a huge shoe. Usually he thought more accurately when his feet were unconfined. "That means we'd sort of mortgage the whole thing, eh?" "That's the idea." "And if we didn't pay interest on the bonds, why, the fellers that had 'em could foreclose?" "But we needn't worry about that."
The news has only come out that the Symes's Irrigation Company is going into a Receiver's hands and the bondholders will foreclose their mortgages. Look down in the street. There's a mob of workmen from the project and the creditors of your friend Symes considering how they best can extract blood from a turnip. For some reason of his own Van Lennop has gone after Symes's scalp and got it.
The upshot of it was that he gave me a formal notice of three months, as stipulated in the mortgage. At the end of that time, unless I am ready to pay the twenty-two hundred dollars, he will foreclose, and the old farm must be sold. Of course it will be sold much below its real value.
It was becoming more and more valuable all the time, and I thought it was dangerous to let the mortgage run, as the old lady might foreclose at any time and make us trouble and expense. The mortgage was like a cancer eating up our substance, gnawing day and night as it had for years. I made up my mind it must be paid.
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