Posted by David Butler on January 31, 2002 at 18:27:49:
Hello Wayne,
On its terms possibly… what does it say? As far as could it be used as security for a house that isn’t there yet? I suppose so, but that then what is the security? A performance mortgage is generally a collateral instrument, pledging collateral as security for the performance of a promise. How are you trying to tie all of that together? Performance of what, secured by a performance mortgage of DOT, secured by what?
Is a Performance Mortgage assignable? - Posted by WaynePa
Posted by WaynePa on January 31, 2002 at 11:08:40:
Hello all,
In reference to my post below, is a performance mortgage assignable? If so, could it be used as security on a note for a house that isn’t there, yet? Finally if all of that were possible and most of all legal, in what position would you place the performance mortgage? Just tossing a few things out there. Thanks in advance.