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

👍 Chat vibe: 0 👎

[] AromaticTroubledDormouse

20:56

CONGRATS MACAQUE!

JapaneseMacaque

20:57

TY

jackfrost11770

20:59

got a random stanford email and almost had a heart attack

jackfrost11770

20:59

ALSO CONGRATS!

texaslawhopefully

21:03

Congrats1!

Ratratta

21:15

Miami A, yall I'm so excited I could cry.

Ratratta

21:15

Feel like I can finally stop holding my breath!! Whew!!!

[] baddestbunny

22:16

every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles

Dkk

22:32

Nice! @Macaque

Dkk

22:32

@Aromatic, Have to guess.

Dkk

22:33

That sucks @Bunny do you have to go to the hospital?

[] baddestbunny

22:40

I said accosted not assaulted

JazzyGazelle

23:35

guys. my notre dame address just went long is this good or bad

1a2b3c4d26z

23:37

Oooooo me too

JazzyGazelle

23:37

omg is this good or bad

Dkk

23:47

Idk if gender roles are gunna fix that then.

JazzyGazelle

23:49

it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??

180SupremeWarrior

23:53

hows ED 2 compared to ED 1?

Dkk

0:10

No idea

windyMagician

0:34

reporting live to say my ndls address also went long

JazzyGazelle

0:59

does it mean anything ^

Dkk

2:21

NDLS and Fordham took a very long time last year. It's good info for people to know.

[] baddestbunny

4:29

let’s get after it boys and girls

Dkk

5:21

I gtg to bed soon.

Dkk

5:22

Big day today. Gunna be a crazy one. I will sleep through the first half.

jackfrost11770

5:37

good morning lsd it is 5 am EST

jackfrost11770

5:37

also jazzy my ndls address went long ages ago i sadly do not think it means anything

jackfrost11770

5:38

my stanford address also went long LOL i think at most it's an indicator it's under review

WorthlessAttractiveZombie

7:44

My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs

WorthlessAttractiveZombie

7:46

Also has anyone's date disappeared for W&L? Mine did last night

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