Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1928-10-21

series Oh dfliCicS pftpdteu " hhC
National Association of Real Es-
tate Boards TO be published week
ly in his newspaper for the infor-
nation Of its readers on real
estate matters. This Is the econd
of two articles on first mort
cages
Wives who like to sign legal docu-
ments had better consider we'll when
il comes to signing the family mort
gage. for me signature OF a wife
on this instrument may deprive her
OF her dover rights should her hus-
band default and the property come
TO foreclosure. says the National
Association OF Real Estate Boards
in a bulletin released yesterday on
"Some Suggestions for the Mort
gage Borrower"
No one likes TO think of forcclos-
ure and foreclosures are fewer than
would ordinarily be supposed or per-
haps believed. but women should
realize that their dover rights can
be very much involved in a default
ed mortgage, says the real estate
association.
II a property owner defaults on
n mortgage, his wife may retain her
dover rights Of one third interest N
the property. IL she has not signed
the mortgage. When such a prop
erty is sold at foreclosure. the wife
can collect her dover interest be-
fore the mortgage a collect a
penny Of his loan; but il the wife
signs the mortgage, her signature
acts as a waiver Of her dover in
tcrest, which gives the mortgage I'M
disputed rihts in the property secur-
in his loan.
Quick Pay-Off Best
II is not unusual for first mort
cages TO be paid off in monthly in
stallments. The interest is paid an
nually or semi-annually and the en-
tire amour of the mortgage falls
due on the date Of maturity. AZ
possible IL is better TO pay off a
first mortgage in five years than in
fifteen years il good terms (inter-
est at six per cent or less) can be
secured. The reader can see that
considerable saving can be effec-
ed in interest payments If IL is pos
sible to take up the mortgage in a
five year instead Of a fifteen year
period.
On the other hand, however, IL IS
better to have the mortgage made
out for ten or fifteen years il il is
not likely that il will he paid off
in less time: and hits is n matter
that the home owner or borrower
should consider with care. II he
undertakes a five year mortgage and
cannot pay it off at maturity, he
will have to pay r~e-financing costs
in order to have the mortgage con
tinued, and these costs may be
heavy. He will have to pay for a
determination Of the title to see
that there are no membranes on
the property so he can secure funds
from a new source. He will have
to pay commission for the new loan
and attorneys fees. All Of these
expenses can be avoided If the Dor
rover can gauge his ability 30 pay
and have the life Of the mortgage 50
regulated.
Must Go On Record
There is smother essential proceed
ure in handling mortgages OF special
interest to and often overlooked by
the lender. So that a first mortgage
may assume its rightful place in
the order of liens which may exist
against a piece Of property. il is
necessary for the mortgage 20 be
recorded Immediately upon is exc
c%ution. Until IL is officially filed
for record in the county recorders
office. a mortgage may become sub
ordinate 20 liens. and even 10 other
mortgages. actually made subse-
Guent 10 the first mortgage but filed
for record prior 70 the filing OF the
mortgage made first. This means
that If the mortgage is not filed at
the proper time. p mechanics lien.
or a second or third mortgage may
be placed on the property and these.
If properly filed for record. would
he satisfied in case OF foreclosure.
before the first mortgage. even If
all the other factors about this
mortgage were right.
Sometimes n real estate deed is
regarded a. 4 mortgage and II
would he well for the rropertv