Definition: The term "mortgage" is a loan that involves the use of equity in order to pay off debts or repay income. The borrower provides their property as collateral (such as a home) for the lender to claim if the borrower defaults on the loan, which then becomes their principal and reduces the value of the property. Mortgages are typically secured by a home, car, or other assets, such as a piece of land or a vehicle. The term "divorce" refers to a legal separation between two married individuals that involves the exchange of assets and property, including real estate. The process of divorcing can be complicated and involves multiple parties who have separate legal rights and responsibilities. In some cases, both spouses may agree to a temporary restraining order or custodial custody agreement in order to facilitate the divorce process. The court may also require either party to provide financial support for the other during the divorce proceedings. Overall, mortgages are used by homeowners as an alternative to traditional home loans when they cannot afford to make monthly payments on their mortgage. Divorce is a legal separation between two married individuals that involves property and assets being exchanged, including real estate.
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