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LSDefine

Simple English definitions for legal terms

first mortgage

Read a random definition: sunshine law

A quick definition of first mortgage:

A first mortgage is a type of loan that a person takes out to buy a house or property. It is a way for the lender to make sure they get their money back if the borrower can't pay it back. The borrower gives the lender a legal right to the property until the loan is paid off. A first mortgage is the most important loan on the property and has to be paid off before any other loans.

A more thorough explanation:

A first mortgage is a type of mortgage that has priority over all other mortgages on the same property. It is a lien against the property that is granted to secure an obligation, such as a debt, and is extinguished upon payment or performance according to stipulated terms. The first mortgage is senior to any later mortgage and is the primary loan on the property.

For example, if a borrower takes out a first mortgage to purchase a home, that mortgage has priority over any other mortgages that the borrower may take out on the same property in the future. If the borrower defaults on the loan, the lender of the first mortgage has the right to foreclose on the property and sell it to recover the outstanding balance of the loan.

Overall, a first mortgage is an important financial tool for borrowers who want to purchase a property and secure a loan with the highest priority. It provides lenders with a sense of security and ensures that they will be repaid before any other lenders in the event of default.

First Lord of the Admiralty | first name

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16:45
@bigfatsloth: an early welcome to north carolina :3 i will NOT be joining you in the forest unfortunately
NosyBeagle
16:47
lol same but the second in command gives me tasks
NosyBeagle
16:47
none today tho
NosyBeagle
16:47
it's almost 4pm and i play nyt sudoku at 4pm and i am thrilled. this is my life now
globalcitizen
17:22
Waitlists serve as little gestures to aa era on the way out
globalcitizen
17:22
That’s nice
ParallelAgreeableOrangutan
17:34
To what?
Anyone get uva feeler/auto email about waitlist
ParallelAgreeableOrangutan
18:28
I got the email. Based on the language in the email, I'd be surprised if many feelers were going out
I mena, the same is true for all of them lmfao WL =R
ParallelAgreeableOrangutan
18:51
That's demonstrably not true. I've gotten feelers and others in this chat have as well. Not sure why you're asking questions when you clearly aren't interested in the answers
hello
19:22
hey yall
ParallelAgreeableOrangutan
19:25
Hi llama!!
21:15
@ParallelAgreeableOrangutan: How are you!
ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
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