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Updated: June 25, 2025
There would be some little further delay, but the outcome seemed practically certain, and the colonel did not wait longer to set in motion his plans for the benefit of Clarendon. "I'm told that Fetters says he'll get the mill anyway," said Caxton, "and make more money buying it under foreclosure than by building a new one. He's ready to lend on it now."
The bank had pressed for their money, and threatened foreclosure; then Bassett had stepped in with a good price; and although the conveyance was not signed, a stamped agreement was, and neither vender nor purchaser could go back. What made it more galling, the proprietor was not aware of the feud between the Bassetts, and had thought to please Sir Charles by selling to one of his name.
So far as the borrower is concerned, these mortgages are no different from any other similar method of financing. If payments are not made regularly and promptly, foreclosure proceedings will be started. Large insurance companies or savings and loan associations also issue fifteen to twenty year first mortgages, amortized over the period by monthly, quarterly, or semi-annual payments.
For once, we get a gleam of the truth, but a gleam only, in the "popular writer's" account when he says: "John Jacob Astor's record is constantly crossed by embarrassed families, prodigal sons, mortgages and foreclosure sales. Many of the victims of his foresight were those highest in church and state.
He had applied to the purchase of the field the sum saved to cancel the mortgage upon his house at the rear end of the town. The three days before the foreclosure of the mortgage were days of exquisite anguish to Pop. When the foreclosure came and he and his goods were turned out on the banks of the creek to make room for the mill-owner's improvements, his mental turmoil ended.
He showed me how them papers called for a settlement afore the fust of November. I ain't got a chance in the hull world to get hold of any money afore then. He said something about a foreclosure, too, and he said that meant I was to lose my place. He see how hard I took it, and was real kind. He said he'd come all the way from the city just to let me know." "Kind! Pooh!
You must refuse to make such a renewal." "All righdt," agreed Heinzman. "He'll probably offer you higher interest. You must refuse that. Then when the notes are overdue you must begin suit in foreclosure." "All righdt," repeated Heinzman a little restlessly. "Do you think he vill hold that jam?" Newmark shrugged his shoulders swiftly. "I got lots of logs in that jam.
"And if there's any possibility of the foreclosure of the mortgage, it is only right that you run all the risk of loss not myself." "Certainly," repeated Orde. "From another point of view," went on Newmark, "you are practically mortgaging your interest in the Boom Company for seventy-five thousand dollars.
Punctually to the day, this was done, and the business of Lucas, Turner & Co., of San Francisco, was discontinued, except the more difficult and disagreeable part of collecting their own moneys and selling the real estate, to which the firm had succeeded by purchase or foreclosure.
Last time I was in town he asked me about paying it off and when I told him I shouldn't be able to do that, he said he'd have me deed it back to him to save foreclosure proceedings. And he was smiling, too. He knew all the time that he'd get the ranch back; and when he does, he'll sell it to some other sucker."
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