"Tim May" wrote in message
...
A person owing a mortgage on a house, for example, is "forced" to come
up with the money, usually by working.
'scuse me. I just reread my mortgage, and I couldn't find the part where I
would be FORCED to pay anything. A mortgage is a contract for a loan secured
by the property being mortgaged. If I don't pay, the bank has the option of
taking posession of my house.
Similarly, if I should decide that I don't want my house anymore (and it's
not advantageous for me to sell it), I can stop paying the bank, and they
can exersise their option to take posession. This was actually common
practice in the late 1980s, and the undoing of several lending institutions.
I'm missing the part where anyone is forcing anyone else to do something.
p.
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Phillip Vogel
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