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LSDefine

Simple English definitions for legal terms

first mortgage

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A quick definition of first mortgage:

A first mortgage is a type of loan that a person takes out to buy a house or property. It is a way for the lender to make sure they get their money back if the borrower can't pay it back. The borrower gives the lender a legal right to the property until the loan is paid off. A first mortgage is the most important loan on the property and has to be paid off before any other loans.

A more thorough explanation:

A first mortgage is a type of mortgage that has priority over all other mortgages on the same property. It is a lien against the property that is granted to secure an obligation, such as a debt, and is extinguished upon payment or performance according to stipulated terms. The first mortgage is senior to any later mortgage and is the primary loan on the property.

For example, if a borrower takes out a first mortgage to purchase a home, that mortgage has priority over any other mortgages that the borrower may take out on the same property in the future. If the borrower defaults on the loan, the lender of the first mortgage has the right to foreclose on the property and sell it to recover the outstanding balance of the loan.

Overall, a first mortgage is an important financial tool for borrowers who want to purchase a property and secure a loan with the highest priority. It provides lenders with a sense of security and ensures that they will be repaid before any other lenders in the event of default.

First Lord of the Admiralty | first name

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cheriebomb
1:15
Was she a natural ginger or a fake ginger? You can’t always tell
Dkk
1:15
@CynicalOops: I go white people cus I am white. Hispanics cus I am hispanic. Black women, Asian women. Sub races Idk.
Dkk
1:15
@cheriebomb: Fake. Her natural hair color was blond.
cheriebomb
1:16
A fake ginger bitch will ruin your life <3
CynicalOops
1:16
I met a ginger and i thought she was a real one and then she was fake and it shattered my world
CynicalOops
1:16
Then she moved to london
Dkk
1:16
Uhhh she kinda just ruined hers by trying to cheat on me and then some guy raped her lol.
CynicalOops
1:16
Shattered x2
Dkk
1:17
@cheriebomb: maybe though. Maybe that is true but you shouldn't be saying that to people if you want them to date you.
cheriebomb
1:17
Why are women always moving to London? There’s nothing good there
cheriebomb
1:17
I’m just being transparent
cheriebomb
1:17
The heart indicates that it’s a good thing
Dkk
1:18
Okay sounds good. Yeah my cousin moved to London. Nothing there for him after 6 years and he moved back to New York.
Dkk
1:19
Great to visit, not great to stay imo.
cheriebomb
1:19
London sucks and cyncial’s fake ginger is probably regretting it right now
cheriebomb
1:19
So dark and rainy and I hate the way they talk
cheriebomb
1:19
And their sense of humor
CynicalOops
1:19
Shes was from london so im not sure
CynicalOops
1:21
Dkk i do appreciate your transparency i really understand you better
Dkk
1:21
Europe seems off to me in general. I met a lot of weird europeans in Crypto.
cheriebomb
1:21
Oh maybe not then. But that’s your fault for dating a girl from London in the first place
Dkk
1:21
@CynicalOops: lol maybe maybe
cheriebomb
1:23
I always understood Dk like we developed in the womb together so this is not new to me
Dkk
1:28
Mhhh maybe
Dkk
1:29
Do I understand you?
CynicalOops
1:46
Si señor yo entiendo
Dkk
2:07
Bueno lol
Dkk
2:07
Jajajaja
CynicalOops
2:08
Latina milfs are on high alert tonight
Dkk
2:51
As they should be. Nah I aint doing shit till January. Holidays I never go out drinking and eating. Gotta take advantage of the fact you can get 5.5 lbs of mussels for $20 at costco rn.
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