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LSDefine

Simple English definitions for legal terms

legal mortgage

Read a random definition: American Arbitration Association

A quick definition of legal mortgage:

A legal mortgage is when someone borrows money and gives their property as security. If they don't pay back the money, the lender can take the property. The mortgage is a document that explains the terms of the agreement. There are different types of mortgages, like ones with adjustable interest rates or ones where the borrower only pays interest at first. A mortgage can cover one property or multiple properties. If someone has more than one mortgage, the first one has priority over the others.

A more thorough explanation:

A legal mortgage is a type of mortgage where the borrower transfers the title of their property to the lender as security for a debt or obligation. The mortgage becomes void once the borrower pays off the debt or fulfills their obligation according to the agreed terms.

For example, if a person takes out a loan to buy a house, they may offer the house as collateral to the lender. The lender will hold the title to the property until the borrower pays off the loan. If the borrower fails to pay, the lender can foreclose on the property and sell it to recover their money.

Other types of mortgages include adjustable-rate mortgages, where the interest rate can change over time, and fixed-rate mortgages, where the interest rate remains the same throughout the loan term.

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JumpySubsequentDolphin
23:17
thank you cynic 😚
Ooo did we give each other animals or just black cat to sun dog ratio
TerribleOverratedPanther
23:58
Hello. How are you all?
babycat
0:01
@Dkk: Told you so
TerribleOverratedPanther
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@babycat: How are you doing?
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Hi panther
0:14
I thought you said you were gone for good
Dkk
0:38
Yay Panther is back!
Dkk
0:39
This is like the episode of South Park where Cartman loves Jakovasaurs.
Hi pa
I’m ok, no wave this week, no skydiving for me
How r u
1:19
hi everyone i probably wont be that active this weekend bc im working and my best friend from college is here too
1:19
when i said i got into a law school she immediately was like OMG IS IT BERKELEY IS IT BERKELEY she knows how badly i want it 😭🤞
i know you like berkeley but why do you keep mentioning it every fucking message
TerribleOverratedPanther
1:39
@SplendidHandsome12: Hey that is not nice and you should not insult poor Eggan for loving Berkeley. Berkeley is an incredible institution, and you are just being unkind. Eggan, ignore his mean words.
Dkk
2:00
@Eggan that is all good. Wekends are usually dead anyways. I mean this chat. Not accpetances. Congrats on your A.
HeadyInvincibleRabbit
2:43
Anyone know when the next gulc wave is?
Is it normal to be incredibly depressed about graduating college. I've made some incredibly good friends and I feel like it'll be downhill from here.
Dkk
3:09
@texaslawhopefully: Yeah that is very common.
Dkk
3:12
The thing about life is it rips people from you. You can make the bestest of friends, have the greatest of relationships, and it rips them from you. The thing about life is you kinda have to look at it as if you are not your actual corporial form. You are some entity guiding that corporial form and the interacitons you have with others are simply stories being told to you through the vessel that is your body. If you become too centered in your body then everything directly effects you and it really does not. The only thing you reallty do is feed your body alcohol and food to keep watching these stories play out.
Dkk
3:13
corporeal*
Dkk
3:14
Many people think like x will affect me and y will affect me but the sad truth is nothing does cus your consiciousness is separate from everything else that happens to you on a dialy basis. It's like cloud storage for an AI.
Dkk
3:17
Sure X or Y could hurt you or end your life but does it really change the way your mind can or should function? Not really.
Dkk
3:19
Now how should it function. That is up to you to decide and that is beauty!
Yes that is all fair dk, thank you
Dkk
3:23
Welcome, feel free to tell me anything about how you think your mind should function. Would be the first person here to give me a hint into that @Texas
Dkk
3:24
Into that of a world I am not a part of.
Dkk
4:04
Man I love basketball clips like this. My friend just sent me this: https://youtube.com/shorts/7DScVRHg-6A?si=slBSiUvdjlcIytKq
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