What helps me remember the legal names for the borrower and lender is - "The Mortgagee gets the fees. The Mortgagor gets the floor" (the physical property). 😂 Another great video, Paul! I always learn a ton from you in every video. Thank you for all you do!
OMG! Helloooo? Whats the purpose of the Promissory Note? Do you have any Promissory Notes in you pocket? So, when you PURCHASE something of value, don't you exchange value for value or BARTER? Purchase means? Consumer CREDIT means? Grant means? Mortgage means refinance/lease/commercial LOAN, and if it's a commercial loan, the real property will be listed as RESIDENTIAL or AGRICULTURAL for TAX purposes. A Residential 1-4 family dwelling unit is an apartment. You know of anyone whos LAND is private property and payes no TAXES? That would be my first clue. Read the borrowers covenant and Satisfaction of Mortgage
I would like to express my thankfulness to the real estate classroom. I've watched all of your videos and they have helped me so much. I couldn't have passed my real estate exam on March 10th without watching your videos. Your videos with all the concepts had made my study much easier. Thank you so much!!!
Sherry CONGRATULATIONS that is so awesome!!! Only those that put in the time and hard work to study pass. I am so happy for you and I am glad we were part of your study routine. I wish you all the best in your new venture. It can be difficult to get momentum going at first but don't give up and don't get discourgaed. Once things start going...skies the limit!!! :o) If you wouldn't mind... I would appreciate a good review on Facebook... Here is the link! facebook.com/TheRealEstateClassroom/reviews/?ref=page_internal Stay focused... great things are about to happen!
Your explanations really connects the dots. All these terminology make sense now. I love your videos and something about your voice that could keep me focused. Your videos are very concise, straight to the point, logical and flows well. I think you will become popular soon.
Totally agree with another comment made below. I wish I had found you sooner! Your concise explanations are helping me "glue" it all together! Thank you!
Thank you for such a kind comment. I really appreciate it. I am glad we could be part of your study routine! Keep on studying, I have no doubt you will crush the exam!
Hi Paul@@TheRealEstateClassroom You are helping me grasp the concept real well. However, I see that your videos are mostly 3 years old . Are these information still updated to this year ? I appreciate you!
I loved your videos; it helps me so much. I'm working on a test question: A type of mortgage enabling one to borrow additional funds without negotiating a new mortgage is called? The answer is "open-end mortgage", could you please give us a clear definition about "open-end mortgage.👍
An open-end mortgage is a mortgage that allows the borrower to increase the amount of the mortgage principal up to a certain amount. They allow the borrower to essentially keep borrowing more money without doing any documentation up to the maximum loan amount. For example, you go to the bank and open an open ended mortgage. The bank says your loan limit is $200,000. You can draw on that account as much as you want until you reach $200,000
The Bank can,t use there money to loan you one dime it was your signature that creates the creates to buy so If the bank did not own the car / home you can,t use it as collateral for the debt, Please correct me if I,m wrong Roy McGraw
What does it mean on the deed of trust, if it reads "Obligations are to remain Joint"? If the house was owned by joint tenants? Does that mean the type of ownership? or the payments on the mortgage?
Is hypothecation the same as the “doctrine of laches” , I had a test question about doctrine of laches.. can’t remember the wording clearly but I know it was about that.
In return for a loan I have received!.. Have you read that somewhere on the Promissory Note and you haven't even signed anything yet, and it says, I have received the loan? You have any Promissory Notes you carry around on you to make purchases? So, what's the difference between the $5, $10 or $20 dollar promissory note you carry on you from the promissory note you delivered across the table at closing? It's called consumer CREDIT GRANT. The mortgage/refinance/lease/commercial loan is all a trick to keep you from owning LAND. Real property is listed as RESIDENTIAL or AGRICULTURAL for TAX purposes. Look it up. Private Property LAND can not be taxed, can not be regulated, can not be told what to do with your land. No sheriff no police NO ONE can enter your private property. Read the borrowers covenant and Satisfaction of Mortgage. Pay attention to Borrowers note an security instrument Note. REPAYMENT. Borrower has a right to mortgage grant and convey.. his property back to the county and pay lease fees, rent, taxes.
@@kenm6049 It sure can be... but I have been apart of some very legit transactions in trading notes. Definately need to know what you're doing however...
The word "MORTGAGE" is a propaganda word that tricks us into giving up our right to own Land. A mortgage loan is a commercial loan, so if it's a commercial loan the land will be listed as RESIDENTIAL, real property for TAX purposes, and NOT private property! Democracy/Socialist/Communist means government control over transportation, education, land, health care, Rules not LAW. Read the mortgage contracts Borrowers covenant. It clearly tells says you have LAWFULLY seized the property, UNincumbered, so why are you Refinancing, and GRANTING your land back to the county to be a lesser and pay rent, property tax? Think about it? You can't tax private property, can you? Only slaves pay taxes not inhabitants. The Promissory Note is a consumer CREDIT GRANT!
Mortgage/Refinance/Lease COMMERCIAL LOAN, means real property listed as RESIDENTIAL for TAX purposes, and NOT Private Property! Promissory Note says, "In return for a LOAN I HAVE received".. You autograph that baby, endorse the back, pay to the other of department of Treasury.. This Transaction is CLOSED!
Look, read the mortgage/refinance/lease/commercial loan agreement. The U.S. citizen has no clue, non what's so ever because they can't read. 1st, U.S.? Is not a country. 2nd, Residential, is NOT Private Property!. 3rd Grant means GIFT! 4th Promissory Note, same two words on a $1, $5, $10, $20, $50, .. it's a check. Can I sign the Mortgage contract first, then the Promissory Note? That should be a clue, because you can't lien Land you don't own yet. Read Borrower covenants and Satisfaction of Mortgage..
KEY WORDS in a MORTGAGE LOAN, Borrowers note, security instrument Note, REPAYMENT, and the biggest word, "GRANT" means "GIFT" read the borrowers covenant. You applied for A LOAN. The mortgage contract IS a REFINANCE/LEASE, a commercial LOAN. Which means your home will be listed as RESIDENTIAL and not PRIVATE PROPERTY. The VERY first words on the Promissory Note says, "In return for a LOAN I HAVE received"... That Note is a check, CREDIT, GRANT, GIFT, payed in full. Can you sign the Mortgage contract first then the Promissory Note? NO! You must first own the Land before you can LIEN the Land. NEVER APPLY for a LOAN, you apply for CREDIT to Finance the Purchase on a Home or Automobile. Purchase means payed. Also, please pay attention to the SATISFACTION of MORTGAGE document. That tells you the Promissory Note payed the Home or Automobile off at "CLOSING".. What does Closing mean? Done, over, closed, payed. The opposite of open.
the person signing the promissory note is the secured party creditor & the bank is the borrower. proof? why did the back not file incomtax on the transaction.? ask for a audit to prove no amount of money dropped from the bank or others clients that day. they send the promissory note to the treasury and get 23 times the amount back are credit to reinvest being new money... but it's really debt. there was never money 💰🤑
LOL.... it's confusing but the mortgagee is the lender and the mortgagor is the borrower. When I was a student the way I remember was 2 "e's" in mortgagee and 2 "e's" in lender.... Keep studying :o)
basic premise, and i won't delve into bs. suppose the "property" is foreclosed, and satisfied, where did the promissory note go? We can Not destroy Legal Tender as it is obligations of the Federal Reserve Bank, and it can be called back by them. Where is my obligation after foreclosure? 🤣🤣 probably being traded. The minute the "Balance Sheet Agent " called banker sold my inventory, my obligation is discharged.
You have alot to learn. I suggest you pay close attention and read those 3 documents. 3 documents? Yeah, 3 documents, 1) promissory Note, 2) Mortgage/refinance/lease/commercial loan/real property/residential/Agricultural/for TAX purposes.. and the 3) Satisfaction of Mortgage.. Those 3.. note vs Note, borrower has right to mortgage grant and convey back his property, ohhh read Borrower covenants.. Residential is NOT Private Property. Come on!
I did not read well before the exam. I did not know even void, voidable, and some contact vocabulary. But some questions that I sow in the Illinois exam was if you buy 1000,000 house, you could win a new car. Another question that I saw, and I had not seen any practice question even all your TH-cam videos are an intoxicated person. It is legal bidding contact or not, but overall, it is a doable exam; if I read more and more and watch online videos.
Don't sweat it! Over half of all test takers fail their first time... What's important is not to give up. Continue to study study study! If you spent an hour a night studying spend two... nothing will keep you from that license! :o)
Related Video: "Trust Deed" (Deed of Trust) - th-cam.com/video/wQlLentfDto/w-d-xo.html
I am still studying. I want to take next May because I am busy with other classes. But this Chantal is critical
@@osmanmoomin8501 Don't give up!!! You will pass the exam... I have faith :o)
@@osmanmoomin8501 Right on... keep studying... you will be glad you did come May!
What helps me remember the legal names for the borrower and lender is - "The Mortgagee gets the fees. The Mortgagor gets the floor" (the physical property). 😂 Another great video, Paul! I always learn a ton from you in every video. Thank you for all you do!
SOO helpful!! Thank you!!!
@@rebekahtasch2647 It's silly, but it works. lol
Great tip... thanks you for engaging in the comments. Always helpful
@@TheRealEstateClassroom Thank YOU for all the wonderful videos! You're a God-send to many, my friend!
I love how everything is straight to the point and broken down in a simple way! Omg these videos are saving me right now thank you so much!
You're welcome! Keep studying... you will crush it! :o)
OMG! Helloooo? Whats the purpose of the Promissory Note? Do you have any Promissory Notes in you pocket? So, when you PURCHASE something of value, don't you exchange value for value or BARTER?
Purchase means? Consumer CREDIT means? Grant means?
Mortgage means refinance/lease/commercial LOAN, and if it's a commercial loan, the real property will be listed as RESIDENTIAL or AGRICULTURAL for TAX purposes. A Residential 1-4 family dwelling unit is an apartment.
You know of anyone whos LAND is private property and payes no TAXES? That would be my first clue.
Read the borrowers covenant and Satisfaction of Mortgage
I would like to express my thankfulness to the real estate classroom. I've watched all of your videos and they have helped me so much. I couldn't have passed my real estate exam on March 10th without watching your videos. Your videos with all the concepts had made my study much easier. Thank you so much!!!
Sherry CONGRATULATIONS that is so awesome!!! Only those that put in the time and hard work to study pass. I am so happy for you and I am glad we were part of your study routine. I wish you all the best in your new venture. It can be difficult to get momentum going at first but don't give up and don't get discourgaed. Once things start going...skies the limit!!! :o) If you wouldn't mind... I would appreciate a good review on Facebook... Here is the link! facebook.com/TheRealEstateClassroom/reviews/?ref=page_internal
Stay focused... great things are about to happen!
@@TheRealEstateClassroom Sure, I would highly recommend the real estate Classroom to everyone who is looking for a study tool. Thank you again!
@@sherrycchen Thank you
Your explanations really connects the dots. All these terminology make sense now. I love your videos and something about your voice that could keep me focused. Your videos are very concise, straight to the point, logical and flows well. I think you will become popular soon.
L Z thank you for your kind words... I am glad the videos are helping! Best of luck with your studies!
Your videos are more helpful than all the money I spent in programs and PSI. Ty
Glad they were helpful! Thank you for leaving a comment
This was really good, thank you for your detailed explanation.
Thank you, Angie. I appreciate you leaving a comment! Keep studying :o)
Very intelligently and professionally explained with a very efficient Touch of simplicity. Thank you oh so much
Thank you, Ernest. I appreciate the feedback! :o)
Totally agree with another comment made below. I wish I had found you sooner! Your concise explanations are helping me "glue" it all together! Thank you!
Thank you for such a kind comment. I really appreciate it. I am glad we could be part of your study routine! Keep on studying, I have no doubt you will crush the exam!
Hi Paul@@TheRealEstateClassroom You are helping me grasp the concept real well. However, I see that your videos are mostly 3 years old . Are these information still updated to this year ? I appreciate you!
@@marianitsy7757 Yep still good... I will update as needed
I am so happy that I found your channel! Amazing explanation on it.
Thank you!!!
Thanks for explaining simple way ,it helps me alot
You're welcome
You are my go to guy to pass my test. Keep being amazing 👏
Thank you, Regina... I appreciate your kind comments. Keep studying!
All your material has been extremely helpful, Thank you!
You're very welcome!
Great Video. my test is tomorrow and mortgage and deed of trust had me confused! thank you, i feel very confident now!
You got this! Best of luck!
@@TheRealEstateClassroom i passed! Both state and national ! First try 😎
@@savonn3511 That's awesome!!!! Congrats! That test is no joke!
Thank you, men. You're so good at this.
Thank you! I appreciate that!
Very great teacher 👏🏾 I’m so grateful to find your videos . Thank you so much.
You are so welcome
thank you sooo much. You make it easy to understand
You're welcome!
I loved your videos; it helps me so much. I'm working on a test question: A type of mortgage enabling one to borrow additional funds without negotiating a new mortgage is called? The answer is "open-end mortgage", could you please give us a clear definition about "open-end mortgage.👍
An open-end mortgage is a mortgage that allows the borrower to increase the amount of the mortgage principal up to a certain amount. They allow the borrower to essentially keep borrowing more money without doing any documentation up to the maximum loan amount. For example, you go to the bank and open an open ended mortgage. The bank says your loan limit is $200,000. You can draw on that account as much as you want until you reach $200,000
@@TheRealEstateClassroom Great, thank you so much!!
@@sherrycchen You're welcome
The Bank can,t use there money to loan you one dime it was your signature that creates the creates to buy so If the bank did not own the car / home you can,t use it as collateral for the debt, Please correct me if I,m wrong Roy McGraw
I really wished I had found you earlier. Nevertheless, I am here now. Thank you for your constant repetitions.
Glad you found us!
thank you for explaining. Merry Christmas to you and to your family. By the way I passed my First part of my real estate exam. thank you once again.
Thank you, I hope you had an awesome Holiday!
Great explanation. It make sense now. Thanks for the lesson.
Glad to hear it! Thank you for leaving a comment! Best of luck with your studies! :o)
What does it mean on the deed of trust, if it reads "Obligations are to remain Joint"? If the house was owned by joint tenants? Does that mean the type of ownership? or the payments on the mortgage?
Is hypothecation the same as the “doctrine of laches” , I had a test question about doctrine of laches.. can’t remember the wording clearly but I know it was about that.
Thank you for you great explanation on promissory 📝
You're welcome! Best of luck with your studies!
In return for a loan I have received!.. Have you read that somewhere on the Promissory Note and you haven't even signed anything yet, and it says, I have received the loan? You have any Promissory Notes you carry around on you to make purchases? So, what's the difference between the $5, $10 or $20 dollar promissory note you carry on you from the promissory note you delivered across the table at closing? It's called consumer CREDIT GRANT. The mortgage/refinance/lease/commercial loan is all a trick to keep you from owning LAND. Real property is listed as RESIDENTIAL or AGRICULTURAL for TAX purposes. Look it up.
Private Property LAND can not be taxed, can not be regulated, can not be told what to do with your land. No sheriff no police NO ONE can enter your private property.
Read the borrowers covenant and Satisfaction of Mortgage. Pay attention to Borrowers note an security instrument Note. REPAYMENT. Borrower has a right to mortgage grant and convey.. his property back to the county and pay lease fees, rent, taxes.
Thank you so much mostly it’s clear if I Need more details I can email to you how about your fee?
paul@randallschool.com
So can I create my own promissory note and cash it in then? Or could I find someone selling a house and give them a promissory note for it?
Your dealing with the devil… beware!
You could. In fact, there is a whole industry out there where investors purchase notes.
@@kenm6049 It sure can be... but I have been apart of some very legit transactions in trading notes. Definately need to know what you're doing however...
Is it possible to cancel the mortgage if the bank dont proove it owned the money it borrowed?
Technically, yes... That was one of the problems in the 1930's banks had... it is why many states went to deeds of trust
That was so helpful. Thank you very much
You're welcome
Great class! Thank you!
You're so welcome!
Always remember Mortgagor is the Borrower . Trustor is also the Borrower
You are correct
Exactly! So easily forgotten. Gets people in trouble daily because we use a different language in life than is used in COMMERCE.
The word "MORTGAGE" is a propaganda word that tricks us into giving up our right to own Land. A mortgage loan is a commercial loan, so if it's a commercial loan the land will be listed as RESIDENTIAL, real property for TAX purposes, and NOT private property! Democracy/Socialist/Communist means government control over transportation, education, land, health care, Rules not LAW. Read the mortgage contracts Borrowers covenant. It clearly tells says you have LAWFULLY seized the property, UNincumbered, so why are you Refinancing, and GRANTING your land back to the county to be a lesser and pay rent, property tax?
Think about it? You can't tax private property, can you? Only slaves pay taxes not inhabitants. The Promissory Note is a consumer CREDIT GRANT!
(Mortgage) is basically a lien
Correct
A mortgage is also actually fraud.
Mortgage/Refinance/Lease COMMERCIAL LOAN, means real property listed as RESIDENTIAL for TAX purposes, and NOT Private Property! Promissory Note says, "In return for a LOAN I HAVE received".. You autograph that baby, endorse the back, pay to the other of department of Treasury.. This Transaction is CLOSED!
are the interest recorded in the mortgage or the loan application or promissory note?
if the promissoy note or mortgage is recorded then contructive notice has been given of those interests
Look, read the mortgage/refinance/lease/commercial loan agreement. The U.S. citizen has no clue, non what's so ever because they can't read. 1st, U.S.? Is not a country. 2nd, Residential, is NOT Private Property!. 3rd Grant means GIFT! 4th Promissory Note, same two words on a $1, $5, $10, $20, $50, .. it's a check.
Can I sign the Mortgage contract first, then the Promissory Note? That should be a clue, because you can't lien Land you don't own yet. Read Borrower covenants and Satisfaction of Mortgage..
so... useful
easy to understand
Thank you!
KEY WORDS in a MORTGAGE LOAN, Borrowers note, security instrument Note, REPAYMENT, and the biggest word, "GRANT"
means "GIFT" read the borrowers covenant. You applied for A LOAN. The mortgage contract IS a REFINANCE/LEASE, a commercial LOAN. Which means your home will be listed as RESIDENTIAL and not PRIVATE PROPERTY.
The VERY first words on the Promissory Note says, "In return for a LOAN I HAVE received"... That Note is a check, CREDIT, GRANT, GIFT, payed in full.
Can you sign the Mortgage contract first then the Promissory Note? NO! You must first own the Land before you can LIEN the Land.
NEVER APPLY for a LOAN, you apply for CREDIT to Finance the Purchase on a Home or Automobile. Purchase means payed.
Also, please pay attention to the SATISFACTION of MORTGAGE document. That tells you the Promissory Note payed the Home or Automobile off at "CLOSING".. What does Closing mean? Done, over, closed, payed. The opposite of open.
Thank you
You're welcome
Helpful..Thanks👍
Thank you for leaving a comment!
the person signing the promissory note is the secured party creditor & the bank is the borrower. proof? why did the back not file incomtax on the transaction.? ask for a audit to prove no amount of money dropped from the bank or others clients that day. they send the promissory note to the treasury and get 23 times the amount back are credit to reinvest being new money... but it's really debt. there was never money 💰🤑
Its called fractional banking.
@@kenm6049yes the lovely world of fractional banking 😅 a wild concept
Deed of trust link doesn't appear.
Thank you for letting us know
I thought the mortgagor is the party giving the loan and the mortgagee is the borrower.
LOL.... it's confusing but the mortgagee is the lender and the mortgagor is the borrower. When I was a student the way I remember was 2 "e's" in mortgagee and 2 "e's" in lender.... Keep studying :o)
Subscribed
Thank you, L J
basic premise, and i won't delve into bs.
suppose the "property" is foreclosed, and satisfied, where did the promissory note go?
We can Not destroy Legal Tender as it is obligations of the Federal Reserve Bank, and it can be called back by them.
Where is my obligation after foreclosure? 🤣🤣 probably being traded.
The minute the "Balance Sheet Agent " called banker sold my inventory, my obligation is discharged.
Why aren't promissory notes and mortgage originals not filled with the county recorder office, it seems all are filled redacted?
That is probably done according to local policy.
You have alot to learn. I suggest you pay close attention and read those 3 documents. 3 documents?
Yeah, 3 documents, 1) promissory Note, 2) Mortgage/refinance/lease/commercial loan/real property/residential/Agricultural/for TAX purposes.. and the 3) Satisfaction of Mortgage..
Those 3.. note vs Note, borrower has right to mortgage grant and convey back his property, ohhh read Borrower covenants..
Residential is NOT Private Property. Come on!
PLEASE PLEASE PLEASE KEEP KILLING THAT DEAD HORSE....LOL
I will do my best
I have failed. Illinois exam
I did not read well before the exam. I did not know even void, voidable, and some contact vocabulary. But some questions that I sow in the Illinois exam was if you buy 1000,000 house, you could win a new car. Another question that I saw, and I had not seen any practice question even all your TH-cam videos are an intoxicated person. It is legal bidding contact or not, but overall, it is a doable exam; if I read more and more and watch online videos.
Osman, did you retake the exam? How did you do?
I have failed. Illinois exam
Don't sweat it! Over half of all test takers fail their first time... What's important is not to give up. Continue to study study study! If you spent an hour a night studying spend two... nothing will keep you from that license! :o)