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Whozat said:I vaguely remember hearing (maybe from the Reno Kings?) that one should cross out the "all monies" clause (on a mortgage document?).
Can anyone tell me where it is found and what it means?
Do you have advice on when, and if, it should be crossed out?
Thanks
Who Zat
JoannaK said:As I understand it, and "all monies" clause means that if you sell the property that has the mortgage over it, then the bank must be paid first before anyone else gets paid.
As I understand it, and "all monies" clause means that if you sell the property that has the mortgage over it, then the bank must be paid first before anyone else gets paid.
In this context, I understand it to mean, if you have a credit card (or IP loan) and a home loan with the same lender, and you miss payments on your credit card (or IP loan), your home is exposed or available to the lender for making that payment.
Smitty said:Thanks Rolf, all good info. You could be right in assuming that the speaker last night ultimately was selling her finance (non-bank) and was just doing a bit of bank bashing. Thanks for the thoughful reply anyhow.
Whozat said:I vaguely remember hearing (maybe from the Reno Kings?) that one should cross out the "all monies" clause (on a mortgage document?).
Can anyone tell me where it is found and what it means?
Do you have advice on when, and if, it should be crossed out?
Thanks
Who Zat