MORTGAGEAUCTION.COM - Posted by Daryl_WI

Posted by BankRobber on May 05, 1999 at 21:15:01:

evidently not : )

MORTGAGEAUCTION.COM - Posted by Daryl_WI

Posted by Daryl_WI on May 04, 1999 at 13:40:33:

Has anyone used mortgageauction.com? Any advice, cautions, horror/success stories you would like to pass on? In theory it seems like a great way to shop for a mortgage.

Thanks in advance

Daryl

Re: MORTGAGEAUCTION.COM - Posted by NJDAVE

Posted by NJDAVE on May 04, 1999 at 16:35:19:

Are you shopping for a mortgage? Or a mortgage loan.
There is a difference.

Re: MORTGAGEAUCTION.COM - Posted by BankRobber

Posted by BankRobber on May 04, 1999 at 22:42:09:

Please enlighten me as to the practical difference between a “mortgage” and a “mortgage loan”.

Re: Real Estate 101 - Posted by David M. Petrovich

Posted by David M. Petrovich on May 05, 1999 at 07:39:37:

The difference between a mortgage and mortgage loan is quite simple, but 99% of the general public misuse the term, including attornies, accountants, mortgage brokers, real estate agents, and those that attend investor’s seminars, read and write ‘how to’ books, and listen to the ‘get rich quick’ tapes.

If the above ‘Daryl’ needs a loan, he wouldn’t go to the Bank to GET a mortgage. He would GIVE a mortgage to the lender in exchange for a loan. A mortgage loan.

The Borrower GIVES a mortgage and GETS a mortgage loan.

When the loan has been repaid, the lender RETURNS the mortgage and mortgage note to the Borrower.

So when Daryl (or anybody else) says that he is shopping for a mortgage, does he mean that he is looking to purchase an investment vehicle such that the Borrower would be sending him monthly payments? Or does he mean that he wants a mortgage loan?

We can only guess what he means.

Real estate 101. mortgagee / mortgagor

Re: Real Estate 101 - Posted by Daryl

Posted by Daryl on May 05, 1999 at 08:18:27:

Gee, thanks for enlightening everyone. Has anyone used mortgageauction.com?