For some time now, I have played in my mind with the notion of owning a house via a mortgage. Every time the thought came, my mind loathed the idea of being indebted. So I sought to clear the mystery from my mind…a mental cramp of some sorts.

So I kept asking myself what is the grossness and what is it that so offends me and at the same time excites me on the issue of Mortgages and Home Ownership. I sought to examine the thing and here are my raw thoughts.

Personally, I know family friends who have bought their homes through obtaining a mortgage and I applaud their efforts and sacrifice. The first trigger for home ownership is usually our natural instinct for food, shelter and clothing.

My concern however is, Shelter at what cost? Why would a free mortal, mortgage their life only to secure Shelter!… In this regard am appalled by the prospect of being a mortgagee to simply to toy with the idea of Home Ownership

The Mortgage Set Up

Being a mortgagee sets one up for hundreds of debt deductions and loathsome terror. The terror of the dream of Home Ownership being swept away in case one runs into default. I wouldn’t risk my Simple Life on the prospect of being a mortgagee. To be the last-man-standing to foot the bill of the mortgage-loan-transaction chain requires heavy doses of courage or some “looking-away” at the “evil”. In the meantime, (which could be my entire life) am trying to understand it and seek Alternative Solutions.

(The Chain>the builder/contractor, real estate sales agent, loan officer, mortgage broker, credit/debt counselor, real estate appraiser, property inspector, insurance agent, title company, attorney, and escrow agent.)

In whose hands?

But I find the heavier deterrent is that a mortgagee is a home-borrower, a special indebted shelter-seeker of some sorts pursuing an elusive dream. At the very core, the deal is not that he secures a home but that he foots the bill of the food chain in the loan transaction and end up creating a DEBT for the mortgagor.

The DEAL is to sharpen an arrow that points at the Eater like in a Food Chain

The mortgagor makes the DEAL; I foot the bill of it. When I buy the house in cash or finance its actual construction from by real earnings, the game is still in my hands and I can pay off the Contractor and the Laborers and be free. However, in the scenario of Home Ownership via Mortgages, the game is not in my hands at all. Its in the hands of the transaction gurus.

Three things that Scare!!

By definition, a mortgage is a debt by specialty, secured by a pledge of lands, of which the legal ownership is vested in the creditor, but of which, in equity, the debtor and those claiming under him remain the actual owners, until debarred by judicial sentence or their own latches-(Coote). This means that a Mortgage is a right granted to the creditor over the property of the debtor for the security of his debt, and gives him the power of having the property seized and sold in default of payment.

So we are seeing here that “possession” is a different animal altogether from “ownership” . The implication is that there is one instrument created by the Mortgage Agreement that establishes the Legal Rights of the Creditor. You possess it but you do not OWN it yet, the creditor owns it…

There is a hypothesis here, some imagination of the mind that creates this right of the Lender over the Borrower. The property, in which the mortgagee lives in, is hypothecated for the performance of his agreed obligations. In other words you have to pay your future earnings to own it! You get to live in the Security as you pay off your debts- A hire purchase thing playing itself out in the real estate.

The fiction we have created using law in the name of a Mortgage cannot in itself give rise to any law to remedy the misery of the mortgagee. It is like a crossbreed of a Horse and a Donkey, a mule? You see, they tell us the law is an ass for it can breed fictions. The law can give rise to a FICTION, but a fiction cannot give rise to a law!!!

Three things here scare me, I am in debt, I don’t own the House and lastly He that gives a mortgage can come one day and seize It!!!

What are the Alternatives?

  • 1. Rent-A-House
  • 2. Build the House Myself ( Like Thoreau built his Cabin in Walden)
  • 3. Finance the House with Savings (Buy it Cash)
  • 4. Be At-Home-Everywhere (Just be at home literally and a Sojourner in Civilised Life!!)

I still find bliss in doing my game until the day I shall wake and buy that thing just like I would buy my Daily Bread!!! Until then, I am at home everywhere, a sojourner in Civilised Life

…To be continued


Twitter: @nahinga


~ by ujenzibora on April 26, 2010.

3 Responses to “BEING AT HOME EVERYWHERE!!! #UjenziBora”

  1. Nice piece. Totally get wea ur comin from

    • Thanks Sienna for your timely comment. I trust that I shall find the strength to do more of this and add to the Knowledge Base!! You are my “hero”

  2. Just want to say what a great blog you got here!
    I’ve been around for quite a lot of time, but finally decided to show my appreciation of your work!

    Thumbs up, and keep it going!


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