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LSDefine

Simple English definitions for legal terms

collateral mortgage

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A quick definition of collateral mortgage:

A collateral mortgage is a type of loan where you use your property as security for the money you borrow. If you don't pay back the loan, the lender can take your property. It's like giving the lender a guarantee that they will get their money back. There are many different types of mortgages, like ones with fixed interest rates or ones where you can borrow more money later. It's important to understand the terms of your mortgage before you agree to it.

A more thorough explanation:

A collateral mortgage is a type of mortgage that is used as security for a loan or debt. It is a legal agreement where the borrower pledges their property as collateral to the lender. If the borrower fails to repay the loan, the lender can take possession of the property and sell it to recover the debt.

For example, if a person wants to buy a house but does not have enough money, they can take out a collateral mortgage. The lender will provide the money to buy the house, and the borrower will pledge the house as collateral. If the borrower fails to repay the loan, the lender can take possession of the house and sell it to recover the debt.

Another example is a business owner who needs a loan to expand their business. They can take out a collateral mortgage by pledging their business property as collateral. If the business fails to repay the loan, the lender can take possession of the property and sell it to recover the debt.

In summary, a collateral mortgage is a legal agreement where the borrower pledges their property as collateral to the lender to secure a loan or debt.

collateral mistake | collateral negligence

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
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
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
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??
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
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.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
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
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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