consolidated mortgage

Consolidated Mortgage

A mortgage that one takes out in order to pay off two or more mortgages. The mortgages may or may not be for the same piece of property. A mortgage holder may take out a consolidated mortgage to lower monthly payments or for some other reason. See also: Blanket mortgage, Debt consolidation, Consolidated mortgage bond.

consolidated mortgage

A mortgage made to replace two or more outstanding mortgages.
References in periodicals archive ?
We agreed with the Ministry of Justice to facilitate the consolidated mortgage procedures and the land.
The bank notes that: "Barnett is liable for the full payment of all accrued and unpaid interest, including payment of any deficiency between the amount finally adjudged to be due and owing on the consolidated mortgage and the amount realized from the foreclosure sale or sales of the mortgaged property, up to the amount of the guaranteed interest payments, for which a deficiency judgment is being sought by this action against Barnett.
The residence previously was linked with an August 2003 mortgage of $444,600 held by First Consolidated Mortgage Co.

Full browser ?