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mortgage A legal agreement in which a person borrows money to buy a house and agrees to pay it back, plus interest, over a long period of time. ■ "I can't believe I have to make mortgage payments for the next 30 years. It's like being stuck in a never-ending loop of debt."
foreclosure The process by which a lender takes possession of and sells property owned by a borrower who has defaulted on their mortgage payments. ■When John lost his job and couldn't make his mortgage payments, the bank foreclosed on his house and sold it at auction., A hilarious and exaggerated way of describing a situation or person that is actually quite serious or unpleasant. ■"That test was such a foreclosure for me, I swear I'm still recovering!"
Shared Something that is owned or controlled by two or more people, typically as a result of a division or agreement. ■ John and Jane bought a house together, so they share the mortgage payments.
lien A legal right or claim to seize and sell property as security for a debt. ■ The bank had a lien on the man's house after he defaulted on his mortgage. The foreclosure sale was held at the local courthouse.
Monthly A term used to describe something that happens or occurs every four weeks. It's often used to refer to a recurring payment, like a utility bill or rent. ■ "I have to pay my monthly mortgage on the first of each month, but I can never seem to remember when it's due!
mortgages A legal document that allows someone to borrow money from a bank or other financial institution in order to purchase a home. It typically involves a monthly payment of principal and interest over a set period of time. ■ Why did the bank approve the mortgage for the man who wanted to buy a home made entirely of jellybeans? Because he had a lot of "sweet" equity!