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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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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