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Updated: May 18, 2025
If you sell it for cash, you pay off the mortgage, and receive the difference. If you sell it with the mortgage, the buyer becomes the mortgager and only pays you the difference, which remains yours, out and out. That is the whole process from beginning to end." "How wonderfully simple!" "It is almost primitive in its simplicity," answered Del Ferice gravely.
It was a mortgage, but a mortgage with possession to the mortgagee and further restricted by the provision that there could be no redemption unless the mortgager could repay at Besançon the whole loan plus all the outlay made by the mortgagee up to that date. Instalment payments were expressly ruled out. The entire sum intact was made obligatory.
Mortgages only thrive where the demand is superior and certain to the investment; and then, if all goes smoothly, mortgager and mortgagee may benefit; but where a mechanic or a storekeeper, with little or no capital, undertakes to run up an extensive range of houses to meet an equivocal demand, the result is obvious.
But the value of the property in Montrose Place has depreciated to such an extent and the unpaid taxes have piled up so alarmingly that the mortgager refused to agree to that.
This information he received as an instance of the singular esteem of his noble patron; and the papers being immediately drawn and executed, the money was deposited in the hands of the mortgager, who, in the hearing of the lender, laid strong injunctions on his steward to pay the interest punctually at quarter-day.
Every man will be soberly and intelligently setting about the particular thing he has to do even the rich shareholding sort of person, the hereditary mortgager of society, will be given something to do, and if he has learnt nothing else he will serve to tie up parcels of ammunition or pack army sausage.
What were the consequences, and what was Yorick's catastrophe thereupon, you will read in the next chapter. The Mortgager and Mortgagee differ the one from the other, not more in length of purse, than the Jester and Jestee do, in that of memory.
When only a part of the purchase money is paid on receiving a deed, the purchaser usually executes a mortgage to the seller, pledging the land as security for the remainder of the purchase money. And if the money shall not be paid as agreed, the land may be sold; but if sold for more than the amount due, the overplus is to be paid to the mortgager.
It has been held by the same court, that a conveyance with a condition that the property is to remain with the vendor until the condition shall be performed, or a conveyance in the nature of a mortgage or security, expressing an agreement between the parties, that the mortgager shall retain possession, is valid.
"What are some of the shrewdest Americans among us doing?" asked M. Grandissime. "Yes," replied the mortgager, "it is true they are buying these very titles; but they may be making a mistake?"
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