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Results for "mortgaged"

Nehemiah 5:3

Definition: [Some] also there were that said, We have mortgaged our lands, vineyards, and houses, that we might buy corn, because of the dearth.


Explanation: Okay, let’s break down this verse from Nehemiah 5:3. It’s a really important story about how things went wrong in a city and what led to it. Here's a simple explanation: The Basic Situation: Dearth (Lack): The city of Jerusalem was experiencing a severe shortage of food – specifically, corn (a staple crop). It was like there wasn’t enough food for everyone. Mortgaging Lands & Homes: People in the city were borrowing money to buy more corn. They borrowed from lenders and used their land and houses as collateral (something they could lose if they couldn't repay the loan). What Happened Next: “Some” Said It: A group of people within the city said, “We’ve mortgaged our lands and homes!” This means they had borrowed money to buy corn. The Problem: Because there wasn’t enough food, this borrowing led to a really bad situation. The land and houses were essentially lost – they weren't worth much anymore because they weren't used for producing food. In short, the verse describes a situation where people borrowed money to buy food, but that led to losing their property. What it’s teaching us: This story is a reminder of a serious problem: borrowing without proper planning and considering the consequences can have devastating results. It also shows how important it is to be responsible with our finances. --- Do you want me to: Explain another verse? Give you more context about Nehemiah’s situation? Talk about the broader themes of this story (like responsibility, honesty, and consequences)?

Unmortgaged

Definition: The term "unmortgaged" refers to a situation where a property is not being used as collateral for a mortgage loan. In this scenario, the borrower does not have any financial obligations or assets tied up in the property that can be pledged to secure a loan. This means that there is no physical asset involved in the transaction and the loan would need to be secured through other means such as equity or credit.


unmortgaged

Remortgaged

Definition: "Remortgaged" is a legal term that refers to the process of converting a mortgage from one type of loan (such as a first-time home purchase or commercial real estate loan) into another type of loan, such as a refinancing or a second mortgage. This involves paying off the original mortgage and replacing it with a new loan on the same property. Remortgaged mortgages are often used by homeowners who want to reduce their monthly payments or avoid early payment penalties.


remortgaged

Overmortgaged

Definition: A person or entity is considered to be overmortgaged if they have borrowed money from another party and then used it for their own purpose, such as buying a house. This means that they are taking out additional debt on top of what they already owe, which can lead to an increase in the cost of borrowing and ultimately result in financial difficulties.


overmortgaged

Mortgaged

Definition: Mortgaged is a legal document that transfers ownership of property from one person to another. It typically describes the sale or exchange of an asset, such as a mortgage on real estate, and involves a specific process where the buyer pays off the debt by paying back the amount owed and transferring possession of the property to the new owner.


mortgaged

Encumbrances

Definition: Encumbrances are legal obligations that a party to a contract owes to another party. They can include debts, liens, or other financial obligations imposed by law or through agreement between parties. In many jurisdictions, encumbrances are typically transferred when one of the parties to a contract is mortgaged or sold.


encumbrances

Dismortgaged

Definition: "Dis-mortgaged" is a phrase that refers to something being mortgaged or secured against. In finance, it means that a borrower has borrowed money from another party and then uses the proceeds of the loan to pay back the lender. If the borrower defaults on the loan, they may be held responsible for paying off the amount owed to them in full.


dismortgaged