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Simple English definitions for legal terms

further advance

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A quick definition of further advance:

Further advance: When someone borrows money to buy a house, they usually get a loan called a mortgage. Sometimes, the person who lent the money (the mortgagee) might agree to lend more money to the borrower (the mortgagor). This is called a further advance. It can be on the same thing that was used as security for the first loan, or on something else. Another meaning of further advance is when the interest that someone owes on their mortgage gets added to the amount they borrowed, so they end up owing more money overall.

A more thorough explanation:

Definition: A further advance is a second or subsequent loan given by a mortgagee to a mortgagor. This loan can be given on the same security as the original loan or on an additional security. It can also refer to the conversion of arrears of interest on a mortgage security into principal.

1. John took out a mortgage on his house and later needed more money. He went back to the same mortgage company and asked for a further advance on his mortgage. The mortgage company agreed to give him the additional loan on the same security as the original loan.

2. Mary fell behind on her mortgage payments and owed a lot of interest. She asked her mortgage company if they could convert the arrears of interest into principal so that she could pay it off over time. This is an example of a further advance.

These examples illustrate how a further advance works. In the first example, John needed more money and was able to get it from the same mortgage company. In the second example, Mary was able to convert her arrears of interest into principal, which made it easier for her to pay off her mortgage over time.

furta | further assurance

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

Dkkm11

22:54

We were having a conversation about the role of birth control that was politically charged, you brought your own experience into it, I pointed out a possible flaw in the argument, I'm sorry you tried to use a personal example and then when I pointed out something that could be a flaw you took it personally. I even phrased it, "I wouldn't be so sure.." but nah, you know 100% the truth. Everyone should always trust everyones lived experience 100% of the time even if it contradicts other peoples so whatever.

[] baddestbunny

22:57

I can’t tell if you’re a deeply mean-spirited person or just autistic. I think it’s probably the latter but what you said was hurtful to me and I don’t want to engage further

AhsokaTano

22:57

what the heck.

[] baddestbunny

22:58

Sorry this guy implied that my recent and painful breakup was somehow justified because I take birth control and it pissed me off

[] baddestbunny

22:59

Let’s go back to talking about law school on here

Invicat

22:59

got another A. have to wait 2-4 weeks to hear on scholarships. booooo.

AhsokaTano

23:01

nah that's whack, sorry bunny

Dkkm11

23:01

I never said it was justified. I just said I wouldn't rule out the possibility that it contributed cus you said you started taking it and then after that he broke up with you. I have no idea what was sufficent to have him break up with you. I just don't know. All I know is, I can't rule that out and it's not a good example for what we were talking about.

AhsokaTano

23:01

@Invicat: this is the most "first world problems" thing ever but having two early A's and knowing $$ info doesn't come until like Feb at least is so stressfuk

AhsokaTano

23:02

stressful** but the typo works hahahaa

Invicat

23:02

it really is

AhsokaTano

23:02

but hey, congrats!! you're going to mf law school

Invicat

23:02

woo!

Dkkm11

23:04

@AhsokaTano: I said that the other day about UCLA. I was like, man cool to know but shitty there is no money yet.

AhsokaTano

23:19

yup it's brutal

AhsokaTano

23:20

makes it hard to talk to people outside of LSD/reddit bc even friends my age won't understand why an acceptance ≠ certainty, let alone my family lol

AhsokaTano

23:21

i don't wanna tell anyone besides my parent and my partner about my A's anymore in case i get no $$ and can't go somewhere... don't wanna have to explain why i "turned down" a great school.

Dkkm11

23:22

Ahh my family and friends are like, finally gunna use that G.I. bill you saved through undergrad after NOT getting into law school last year? It's brutal. I have like 20 people in my life that are just like, just get into law school already. You are 27. Everyone else you know has already graduated law school.

Dkkm11

23:23

Your situation though, completely different. I think you got a worse situation still.

AhsokaTano

23:25

oh i mean GI Bill is like the least we can do for vets. and i don't regret working first — i'll be 5 years in the workforce by the time i resign to enroll next year — but like you said it totally changes the calculus on how to handle admissions news

AhsokaTano

23:25

and again im at least self aware enough to know this is the tiniest violin of a problem, but i figure maybe LSD people understand hahaha

Dkkm11

23:26

Yeah, I think most people do. A lot of LSAT Demon people here and the Demon teaches you to never pay for law school.

AhsokaTano

23:27

i'm hard set on PI (work experience having confirmed my career goals), so I'm okay with some debt if i go to a school with LRAP. but i still gotta pay rent and buy groceries and all that jazz so it's gotta be workable.

AhsokaTano

23:28

i know everyone says not to work during law school but i did 20h/week as an undergrad so idk it'd be weird not to have a part-time gig

Dkkm11

23:28

I think it would be really nice for me to get a 15k-20k a year extra scholarship. That would kinda seal the deal on whatever school I got into.

Dkkm11

23:29

@AhsokaTano: I've seen a couple people do it. I had a lawyer who I used to work for from BU who said I could work during law school if I wanted. She said 1L aint that tough if you have been organized your whole life.

Dkkm11

23:29

She did like 32 hours a week but she was a very interesting attorney. Couldn't figure out how to connect the computer to the printer and she was like 32.

Dkkm11

23:33

Yeah, now that I think about her again. It was weird. Her husband like coded apps for fun but then like she couldnt use the printer and she was like 5'0" and he was like 6'4" and they were totally opposites of eachother but somehow they were perfect for eachother. It was so weird. She was awesome though. Probably top 3 attorneys I have worked for.

AhsokaTano

23:35

ahahahahah what that is so hard to imagine

Dkkm11

23:38

Yeah, good times. Sad they are over.

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