Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

consolidation of mortgages

Read a random definition: jus naturale

A quick definition of consolidation of mortgages:

Consolidation of Mortgages: When someone borrows money to buy a house, they usually have to give the lender a mortgage. A mortgage is like a promise to pay back the money. Sometimes, a person might have more than one mortgage on their house. If this happens, the lender who gave the mortgages has the right to say that they won't release one mortgage unless all the mortgages are paid off. This is called consolidation of mortgages.

A more thorough explanation:

Definition: Consolidation of mortgages is the legal right of a mortgage lender who holds multiple mortgages on a property owned by the same person to refuse to release one mortgage unless all the mortgages are paid off.

Example: John owns a property and has taken out three mortgages on it. Mortgage lender A holds the first mortgage, mortgage lender B holds the second mortgage, and mortgage lender C holds the third mortgage. If John wants to pay off only the first mortgage, mortgage lender A can refuse to release the mortgage unless John pays off all three mortgages.

Explanation: This example illustrates how consolidation of mortgages works. If a property owner has multiple mortgages on their property, the mortgage lenders have the right to refuse to release one mortgage unless all the mortgages are paid off. This is to protect the mortgage lenders' interests and ensure that they are paid in full before any mortgages are released.

consolidation of corporations | consonant statement

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
LSD+ is ad-free, with DMs, discounts, case briefs & more.