LSDefine

Simple English definitions for legal terms

blanket mortgage

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A quick definition of blanket mortgage:

A blanket mortgage is a type of loan that covers multiple properties. It is used as security for a debt or obligation, and the lender can take possession of the properties if the borrower fails to repay the loan. This type of mortgage is different from a traditional mortgage, which only covers one property. Blanket mortgages are often used by real estate investors who own multiple properties and want to consolidate their debt into one loan.

A more thorough explanation:

A blanket mortgage is a type of mortgage that covers two or more properties that are pledged to support a debt. It is a single mortgage that covers multiple properties. This type of mortgage is often used by real estate investors who own multiple properties and want to use them as collateral for a loan.

For example, let's say an investor owns three rental properties and wants to take out a loan to purchase a fourth property. Instead of taking out a separate mortgage for each property, the investor can take out a blanket mortgage that covers all four properties. If the investor defaults on the loan, the lender can foreclose on all four properties.

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General

General chat about the legal profession.

General >T14 Off Topic

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windyMagician

16:16

Sarah in the bathroom

texaslawhopefully

16:17

@windyMagician: not at all. Michigan is also very generous with aid, so if you get enough it makes perfect sense to take it.

windyMagician

16:17

fuck okay

windyMagician

16:17

going to my dream school is crazy

KnowledgeableRitzyWasp

16:18

michigan also has better options if you do PD for 10 years then want to do something else

windyMagician

16:19

also would love to clerk for my federal district court even tho I know its hella competitive, I think mich sets me up better?

llama

16:20

would be a great point to bring up when ur deciding / visiting each place- see what recent placement looks like

texaslawhopefully

16:23

For fed clerkships by far Michigan places better. I think it’s like 14-15 percent

windyMagician

16:25

sticker debt is high-key scary tho

texaslawhopefully

16:26

I’m sure you’ll get good merit aid though. Look at Michigan’s 509 report. They’re very generous.

cheriebomb

16:34

i am going to wait patiently into january to get into a law school

cheriebomb

16:34

then i will start tweaking

texaslawhopefully

16:42

January could not come any sooner

cheriebomb

16:54

i hope you guys all have a very lovely holiday season

cheriebomb

17:02

has everyone finished procuring their presents?

cheriebomb

17:02

I got my sis a vintage leather jacket off ebay she’s gonna freak she only has fake stuff

riverstart-prize

17:09

hi all

CynicalOops

17:14

Ive been slacking so hard on tickets fawk

CynicalOops

17:14

Wait

CynicalOops

17:14

Presents

jackfrost11770

17:14

https://www.reddit.com/r/lawschooladmissions/comments/1hk7hfv/whats_your_favorite_soft_factor_youre_applying/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button dox oclock over here

CynicalOops

17:14

Im just gonna get everyone tickets so thats why i said that

jackfrost11770

17:14

people are so stupid on the internet its crazy

CynicalOops

17:15

T5 soft

windyMagician

17:18

that and the post asking for low gpa success stories along with every other identifying detail

KnowledgeableRitzyWasp

17:21

i should be a vtuber so i can finally realize my dream of becoming an anime girl

cheriebomb

17:23

@CynicalOops: tickets to what?

CynicalOops

17:26

I got my brother tickets to a golf tournament and im going to get my mom ski lift tickets because she just moved near a ski resort

Dkk

18:08

Nice, I am on bad terms with my siblings so i am getting them nothing and they should get me nothing too and I am getting my mom a gift.

wigwav

18:16

I just noticed that UMich has the majority of their acceptances really early on. Does anyone know what happens to mid-November applicants? Are we just cooked?

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