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that? And I was reluctant. He lived in Jacksonville
and didn’t know anything about my business or anything
else, so--but, anyway, this was something he could
relate to. It was a mortgage on a piece of property
and there were payments coming in and I went to him and
borrowed--I’d borrowed from him before, just smaller
amounts of money--some money from him against the
mortgage, and signed a note to him as collateral, and
proceeded to continue to collect the payments. Again,
trying to make him feel warm and fuzzy, instructed the
mortgagor to send the mortgage payments directly to my
dad. We stayed on top of it and if they were a day
late, he called, and we had to go round up the guy and
get it to him.
Basically, it was a loan from my dad and as I got
in my payments from the other guy, they were forwarded
either directly to him or I got the payments in and
forwarded them directly to my dad. Unlike where you
sell a mortgage without recourse and it’s gone, it’s
the other person’s mortgage and you get the money and
go home, I had to live with this. And, if he had quit
paying, my father didn’t want a piece of property in
Osceola County, at his age, his health, you know, I was
going to have to pay the mortgage.
Q You were going--
A Right. I was going to have to pay the loan in
lieu of the mortgage payments?
Q So your position in relation to the handling of
that mortgage is that you did not sell the mortgage to
your father?
A Correct. As collateral, though, it was assigned
to him. And that’s customary practice. I’ve borrowed
against mortgages, mortgage payments, from like Finance
America, Chrysler Financial Corporation, and stuff and
generally what you do is assign them a mortgage,
usually you assign them the mortgage and a portion of
the note. Say you only borrowed the next five
payments, say, you would assign them a portion of the
note.
Petitioner’s testimony is self-serving, is less than credible,
and it is not supported by the testimony of other witnesses or
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