Keywords:  priority, senior, lien, second, junior
MP] A second mortgage on a property that is not paid off when the first mortgage is refinanced.
A second mortgage on the property which is not paid off when a new loan is taken out. The second mortgage lender must allow subordination of the second to the new first mortgage.
Any mortgage or other lien with lower priority than the first mortgage.
Keywords:  secondary, financing, see
See "secondary financing".