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Simple English definitions for legal terms

second mortgage

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A quick definition of second mortgage:

A second mortgage is a loan that you take out on a property that already has a first mortgage. It's like borrowing more money on top of what you already owe. The second mortgage is usually smaller than the first one, but it still uses your property as collateral. This means that if you can't pay back the loan, the lender can take your property to get their money back. It's important to be careful when taking out a second mortgage because it can put you at risk of losing your home.

A more thorough explanation:

A second mortgage is a type of mortgage that is subordinate to a first mortgage on the same property, but is senior to any later mortgage. This means that if the property is sold or foreclosed, the first mortgage will be paid off before the second mortgage.

For example, if a homeowner has a first mortgage of $200,000 and takes out a second mortgage of $50,000, the second mortgage will only be paid off after the first mortgage is fully paid. If the property is sold for $250,000, the first mortgage will be paid off in full and the remaining $50,000 will go towards paying off the second mortgage.

Second mortgages are often used to borrow against the equity in a property. For instance, if a homeowner has paid off a significant portion of their first mortgage, they may be able to take out a second mortgage to finance home improvements or other expenses.

second-degree manslaughter | second offense

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darthaifos33
14:36
and UPenn for that matter! Would be greatly appreciated
yay pookie! congrats!
14:39
omg this guy on the deposition is screamingggg
darthaifos33
14:39
And congrats!!!!!!<3
14:49
like it's crazy
i've heard great things about UVA! I visited upenn and hated it so much / felt so uncomfy there and the starbucks by campus got robbed while i was there waiting for my tour to start lol
darthaifos33
14:59
@OptimisticOutlier That sounds terrible, I'm sorry you had to experience that lol. Can I ask what made you feel uncomfortable? Like the sketchy vibes of the city or like the camp\us itself etc.?
darthaifos33
14:59
campus
penn is in a nice area
right next to drexel
it was campus itself, honestly i can't explain what it actually is. I felt the same way when I was touring schools for undergrad, pretty much pulled up to upenn and told my mom i knew i didn't like it and didn't need to take the tour lol
would argue with the nice area piece lol i think all of philly is kinda scary, someone pulled a gun on my team while we were down for a football game at upenn and walking around at night
but that said, i'm pretty happy i moved to pa after school and i know lots of people love upenn!
dear god is that sketchy
definetly safer than how its being described
people are absolutely crwzy
yeah yeah will 10000% agree i've had like bad outlier experiences lol
u are the optimistic outlier after all
true!
how do i tell my boss im quitting and need to take off on monday (visiting ND on monday to meet with dean and check the vibes, was gonna put in my 2 weeks regardless
16:00
NEED
16:00
i luv being an art hoe snob
amlaw
16:38
believe it or not i didn’t miss any calls
OvertReconditeSpider
18:03
Lol all of philly is a dumpster fire
OvertReconditeSpider
18:03
Yet i am moving there for law school in 14 days lol
manifestmoreadmissions
18:56
@OptimisticOutlier: congratulations!!!
21:14
I live in that area. It isn't bad at all
[] ararara
23:33
Optimistic whaaaaaat?! Now we’ve gotta have some fun! Did we disco? Take your lil victory lap I know that’s right! Make sure to leave some wisdom behind on your profile for the future users!
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