A forum for thought provoking questions & answers of a spiritual nature or as pertaining to the Urantia Papers.
Wed Aug 26, 2015 4:06 am +0000
Please, I have a couple of questions about this paragraph:
(1398.5) 127:3.1 In the course of this year all the family property, except the home and garden, was disposed of. The last piece of Capernaum property (except an equity in one other), already mortgaged, was sold. The proceeds were used for taxes, to buy some new tools for James, and to make a payment on the old family supply and repair shop near the caravan lot, which Jesus now proposed to buy back since James was old enough to work at the house shop and help Mary about the home. With the financial pressure thus eased for the time being, Jesus decided to take James to the Passover. They went up to Jerusalem a day early, to be alone, going by way of Samaria. They walked, and Jesus told James about the historic places en route as his father had taught him on a similar journey five years before.
The last piece of Capernaum property (except an equity in one other), already mortgaged, was sold: (1) how can be a piece of property sold if it is mortgaged? (2) except an equity in one other: is the equity on the same Capernaum property (another piece?) or in another property?
I don't think I understand well the meaning of this sentence.
An equity is:
3. Real Estate: The difference between what a property is worth and what the owner owes against that property (i.e. the difference between the house value and the remaining mortgage or loan payments on a house.
Wed Aug 26, 2015 6:37 am +0000
Property with a mortgage may still have equity over the amount of the mortgage due...net proceeds from the sale price, after paying off the mortgage, were used to pay taxes....and thus a mortgage payment is also ended....as is that income which may not have been sufficient to pay the mortgage itself....I conjecture on that point. The "already mortgaged" portion probably means that at some point this property was owned outright but the family then had to borrow money, later, against the equity to keep the property.
The other "equity" would likely be a partnership ownership in a different property, without a mortgage, which was not sold at this time I think.
Wed Aug 26, 2015 12:22 pm +0000
Thank you so much, Brad.