So the banks 'gave' you a mortgage and you feel morally compelled to pay the money back. Well, see here's the problem, you actually haven't been informed of what actually happened in the mortgage transaction.
See, the banks convinced you to give them the title to the property in exchange for your own credit. It is not the bank's money that bought the house. You did not receive value from them. Your own promissory note supplied the credit.
In return for your credit they rent it back to you for thirty years and hold title for having supplied nothing to the transaction. Furthermore, your promissory note was eventually sold multiple times without your permission or knowledge even though it belongs to you. In monetizing your Promissory Note, the bank increased its wealth by 9 times the note and subsequently demands that you pay back the principal plus interest....on your own credit.
Your note created money for them and you keep paying and paying. The bill of exchange you obtain for the $120,000 mortgage is worth $1,080,000 to the bank by monetizing it on the discount market. As a "thank you" for the privilege of using your Promissory Note to vastly increase its assets, the bank wishes for you to pay back the $120,000 plus interest, which over thirty years would nearly triple the cost of the mortgage AND you gave them the collateral of the house that you already paid for with your Promissory Note.
Are you still worried about your moral position? Or do you want to get out of the system and stop creating wealth for the bankers. Why not use your money to create wealth for you? Start by getting out of debt. Learn how...
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