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Simple English definitions for legal terms

senior mortgage

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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

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
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
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