[thatdjstrat]

mortgage/promissory note, what are the risks? My insurance company refused to pay for my newborn son's intensive medical treatment because of a technicality. Long story short my wife and I are stuck with a medical bill just under $7500. We have worked out a repayment arrangement with the hospital's legal representation, because any calls to the hospital are always subsequently referred back to the law office for collection.The repayment arrangement includes a security interest in a mortgage on my house (appears to be a lien). The hospital is designated as the mortgagee.In requesting clarification from the law office they have stated they cannot assess the risks as they represent the hospital and not me. They stated, however, that the hospital is neither a bank nor a real estate firm and has no interest in foreclosing on my property - however the language in the Mortgage and Promissory Note worry me:"This Mortgage is upon the STATUTORY CONDITIONS and upon the further condition that all covenants and agreements of the Mortgagor contained herein, and in the Note, shall be kept and fully performed, for any breach of which the Mortgagee shall have the STATUTORY POWER OF SALE. . . And we, ........, husband and wife, hereby release all rights of homestead and other interests therein."In this economic turbulence, I am very concerned about the risks here. Is this a common practice? What are the long term effects and the risks of entering into such an agreement? If I choose not to sign the mortgage or promissory note there is a good chance they will file suit. If anybody can clarify this I'd greatly appreciate it.