anaconda mortgage

anaconda mortgage

A mortgage in which all debts owed by the mortgagor (such as automotive, credit, business, land, etc.) are used to secure the loan, such that an increasing amount of debt is applied to the borrower upon failure to repay. Be careful not to sign into any kind of anaconda mortgage, or they could take everything you own!
Farlex Dictionary of Idioms.
See also:
  • foreclose
  • foreclose on
  • foreclose on (something)
  • out of debt
  • out of the red
  • welsh
  • welsh on
  • welsh on (someone or something)
  • do (someone) in
  • square accounts
References in periodicals archive
Mortgage terms of art include anaconda mortgage or the similar Mother Hubbard clause, which provides that in the event of default the mortgagee may foreclose on any loans that are owed by the mortgagor to the same mortgagee.
Encyclopedia of Real Estate Terms, Third Edition
The National Grange of the Patrons of Husbandry found support in 1872 for opposing the system of "anaconda mortgages" for small landowners; this version of the crop-lien system became prevalent when the Republicans dominated state politics in the 1860s.
Arkansas's Gilded Age: The Rise, Decline, and Legacy of Populism and Working-Class Protest