The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1878-04-12
Hints to Women on the
Care of Property.
Alfred Walker in Harper's Bazar
REAL ESTATE LOANS.

REAL ESTATE LOANS.
true, THAT there is nothing so safe az real estat
mortgages. This remark would be entirel,
true If proper valuation were always put upol
property, and the amount loaned upon it wer,
IN fit proportion. Unfortunately for th
MAXIM, the fluctuations in the yalpe OF on
currency IN the past have been so great tina
the rnost sagacious men have been fearfnlly
misled in their appraisement of real estate
Men, and women too, without number, who
few years ago were rich IN landed possessions
are to day land poor, or perhaps utterly I'M
poverished.
When loan IS to be made on real estate the
judgment of experts should always be obtained
and large margin OF property above the amount
OF the loan should be required. Next, the val
ldty OF the title TO the property should be had
from competent person Immediately preced-
ing the making of the loan. Care should also
be taken that the person employed to draw up
the papers should be capable and trustworthy.
for mortgages especially women seldom scru-
tinize such instruments. Another thing to be
sure OF is that mortgage goes immediately on
record. know lady who sold her homestead
for $4,000, and took mortgage for q consid-
cradle part of the consideration. She trusted
the buyer to put the mortgage deed on record.
1t was not done. Subsequently other mort
cages were made on the property and recorded
and thereby she has lost her security on the
property.
In respect of second mortgages they are
generally, il not always. to be avoided. unless
taken to secure an existing doubtful debt.
LOANS ON IMPROVED PROPERTY.
II is seldom that satisfactory loan can be
made on unimproved real estate. mortgage
before making loan should always consider
the possibility OF foreclosure and the taking
Of the property for the debt. With this liability
he should ask himself what he could do with
the property il obliged to take it for the debt.
II it be unImproved and unsaable it will only
terest But il it is improved that is II it yields
an income from crops or rents, it will be more
saable, and may pay the interest and taxes
while he holds it.
In regard TO the proper amount to loan on
gwen piece Of property, the common rule on
improved property is one-haR its value. The
common rule on Western farms IS one third
only. But there is distinction to be made in
the nature of property, as to the proportion OF
the part which is pershable or destructible to
that which is indestructible. II the property
were house and lot. and the house estimated
at three-quarters Of the amount OF the loan
wanted 1t might not be safe and would not be
rulable to loan one-haf of the estimated total
value For though the policy OF insurance be
gwen with the mortgage, as 1t always should
be, properly transferred, insurance companies
are not IN all cases regarded as safe; besides,
policies expire ami are not always renewed in
time. and possibly the owner OF the property
might cause the destruction OF it, and forfeit
bis claim on the insurance company. leaving,
perhaps question of law TO be settled.
Loans on church edlfces. manufactures, and
all extra hazardous property should be avoided.
Loans TO women by men are not popular, be-
cause men do not like to press such claims. and
because woman sometimes passes in society
as unmarried when secretly it is otherwise and
such contracts in some of the States are not
valid. A gentleman known to the writer lost
IN this way the sum Of $4,000. lie has loaned
a great deal of money since, but none to women.
No tears need be shed over him. for he is rich
old bachelor.
LOANS ON CHATTEL MORTGAGES.
These are mortgages on personal property.
such as plate aud silver-ware, watches, furni-
ture, machinery, and movable things generally.
Loans as investment on all such things should
be avoided. They are justi6able, especially by
a woman, only 80 far as she is willing to help
friend or other poor person. There is always
danger that such property will not be redeemed,
and if not, trouble ensues. The borrower usu-
ally feels that he has suffered a hardship, and
grIeves over the loss of things dear to him, but
of no special value to others. Besides, there is
a red-tape process necessary in order to make
such pledged property actually your OVID,
which will be expensive and troublesome.
Chattels may be taken TO secure an existing
doubtful debt but to make fresh loan upon,
never as an investment. Money can be Obtain
ed on such securities by means otherwise pro-
vided-of legalized pawnbrokers, or, better, as
IN Boston, OF the chartered Loan Agency.
which is a great convenience to thousands, and
expresses the thoughtful care OF that noble
State. Massachusetts. for persons in reduced
circumstances. In Europe such institutions,
nnder the name Of Monte di Pieta, OF its equiv
alent are often seen. They originated in Italy
in the fifteenth century, and prevail extensive
ly in France Spain, and other European coun-
tries. Thoy should be found in every consid-
erable community. Properly conducted, they
are most valuable benevolent institution. In