A loan secured by a mortgage that does not stand in a first lien position. Also called "junior (or second or third) mortgage."
a secondary lien on a property which already has a lien on it.
any lien that is subordinate or subsequent to the claims of a prior lien.|| Bottom of Page
A mortgage or other encumbrance with a secondary interest. A lien junior to another mortgage or lien.
A lien that does not have first priority making the property security for payment of a debt.
An inferior or subordinate lien. For example, a second deed of trust is a junior to a first trust deed. Land Contract - A security device used in the sale of real property. The buyer contracts to pay the purchase price in installments. The seller contracts that when the purchase price is paid in full, he will deed the property to the buyer. Until the purchase price is paid in full, the seller keeps legal title. Also called conditional sales contract, contract for deed, contract of sale.
Lien or claim against a property that is secondary or inferior to the lien of the first mortgage (e.g., a second mortgage).
A legal claim upon real property recorded subsequent to another legal lien (mortgage lien, tax lien, mechanics lien, judgment, or easement). The lien with an earlier date of recording is a Senior Lien.
When a property is foreclosed, lenders are repaid in a particular order, established by the loan documents. The lender with the first claim to repayment is said to hold the first mortgage, and a lender whose repayment order is after the first claimant is said to hold a junior lien.
A claim against property which is behind at least one other lien in priority.
Any lien that is subordinate or subsequent to the claims of a prior lien. A second mortgage is a junior lien. ^ There are no items in this view.
An obligation, such as second mortgage, that is subordinate in right or lien priority to an existing lien on the same realty.
legal claim on real property recorded subsequent to another legal claim on the same real property. It basically means another party has legal claim on the property before the junior lien.
Any lien subsequent to the claims of the holder of a prior senior lien / mortgage as evidenced by the time and date of recording.
A lien of inferior priority.
A lien placed upon property after a previous lien has been made and recorded.