Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

A quick definition of senior mortgage:

A senior mortgage is a type of loan that a person takes out to buy a property. It is called "senior" because it has priority over any other loans taken out on the same property. This means that if the borrower defaults on their payments, the senior mortgage lender has the first right to foreclose on the property and sell it to recover their money. The borrower must make regular payments on the senior mortgage until it is fully paid off, or they risk losing their property.

A more thorough explanation:

A senior mortgage is a type of mortgage that has priority over another mortgage, which is known as a junior mortgage, on the same property. It means that if the property is sold or foreclosed, the senior mortgage will be paid off first before the junior mortgage.

For example, if a homeowner has two mortgages on their property, a senior mortgage of $200,000 and a junior mortgage of $50,000, and the property is sold for $250,000, the senior mortgage will be paid off in full before any money goes towards the junior mortgage.

Senior mortgages are important because they provide security to the lender that they will be paid back before any other creditors if the property is sold or foreclosed. This makes them less risky for lenders and can result in lower interest rates for borrowers.

senior judge | senior partner

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
JumpySubsequentDolphin
23:42
hi SPLITTY!!!
HIII DOLPHYY
stanford finally sent me a status checker tomight
do yall know if "Your file has been submitted for review" just means under review
Dkk
0:08
@SplitterusClitterus: really depends on the school. Could mean they have just received it. Could be it is under review. Could mean they already have a decision for you. For Stanford, idk.
Mmm ok thank you
JumpySubsequentDolphin
1:19
my friend JUST sent me that omg
JumpySubsequentDolphin
1:19
also @renard that shows your IG handle
JumpySubsequentDolphin
1:20
I assume you don’t want to doxx yourself 😧
JumpySubsequentDolphin
1:20
if we send enough messages it will stop showing the message tho!!!!!!!!
JumpySubsequentDolphin
1:21
@renard99: come back and spam messages I only have so many left 😔
JumpySubsequentDolphin
1:23
. . .
Dkk
1:49
@renard99: you shared a post a good friend of mine had liked. Lmfao but respect +1
Dkk
1:49
I laughed at it too +1
1:50
Damn lol
1:50
Follow me brah
JumpySubsequentDolphin
2:01
I followed you
JumpySubsequentDolphin
2:01
don’t dox me ☹️
2:06
Nw I won’t dox you 😎
JumpySubsequentDolphin
2:07
don’t judge my feed either I’m bad at Instagram :/
3:17
has anyone here worked for a DAs office during the school year
3:43
LMFAOOO THE INSTAGRAM POST
m10
3:50
I have no idea how it shows his Insta handle. This makes me an old man.
Dkk
3:52
i think you all are just bullshitting
Dkk
3:54
Y'all are gay af.
Dkk
3:54
Making drama out of nothing like a buncha homosexuals.
5:45
Dk I think it shows up
5:45
if you’re already signed into Instagram
5:55
workin workin, grinding
LSD+ is ad-free, with DMs, discounts, case briefs & more.