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LSDefine

Simple English definitions for legal terms

second mortgage

Read a random definition: primary-caregiver doctrine

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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anxiousbird333
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has anyone had an empty scholarship tab appear on their status checker while app is under review ?
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making my law school geared resume and am confused as to what to put under the skills section
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im assuming my technical skills are not going to be understood well but what else do i put
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actually do they even have skills sections for 1L/2L resumes
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I care
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13:16
i guess i should wait to see if i can pass the patent bar and put that
13:16
cuz i dont think programming stuff is useful
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or relevant i should say not useful
i feel like it could maybe be helpful if you wanna do m&a or finance adjacent work?
tax??
13:19
actually now that i think about it i probably need to list it for IP work lol
13:19
considering my bs is in cs and all my experiences are internships
13:19
prob gonna condense it tho it doesnt need to be as detailed as swe jobs want it to be
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i took coursework off of education too i dont think they care abt that
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i wonder if that would look weird
13:34
lol it might
13:34
my gpa is bad by law standard but good by major standards so im including it anyways
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