Definitions for "Junior Mortgage"
Related Terms:
Subordinate financing, Second mortgage, Secondary financing, Discharge of mortgage, First mortgage, Satisfaction of mortgage, Wrap-around mortgage, Redemption, Wraparound mortgage, Open-end mortgage, Due-on-sale-clause, Assumable, All-inclusive trust deed, Remortgage, Primary financing, Submortgage, Mortgagee, Redemption, Due-on-sale clause, Assumption of mortgage, Subordination clause, Assumable loan, Non-assumption clause, Due on sale clause, Refinance, Mortgagor, Refinancing, First lien, Re-mortgage, Ram, Partial release, Due-on-sale provision, Wrap around mortgage, Home mortgage, Closed-end mortgage, Assumable mortgage, Assumption of a mortgage, Assumption clause, Open end mortgage, Remortgaging, Mortgage servicing, Equity mortgage, Wraparound loan, Mortgage acceleration clause, Defeasance clause, Participation mortgage, Reverse annuity mortgage, Mortgage lender, Piggy back loan
In mortgage financing, a debt secured by a mortgage on real property that is beneath one or more other mortgages in priority, when settling lender's claim in the event of a default by the borrower.
A mortgage which has a lower priority or lien position than a first mortgage. A third or even a fourth mortgage is also classified as a junior mortgage. What establishes a mortgage as being a junior mortgage is that it was recorded after the first mortgage was recorded and thus its lien position is inferior to the first mortgage.
A mortgage second in lien to a previous mortgage. Back to the Top
mortgage that will be satisfied only after more senior mortgages have been satisfied. e.g., a first mortgage will be satisfied prior to a second or a third mortgage.
Any mortgage of lesser priority than a first mortgage.
A mortgage which ranks below another mortgage for payment in the event of the borrower's default.
A mortgage of lesser rank than the first mortgage. A mortgage second in lien to a previous mortgage. Also see "first mortgage".
A mortgage which is subordinate to the claim of prior lien or mortgage. Typically a second or third mortgage.
A mortgage that is secondary to another mortgage. So in the event of a foreclosure the senior mortgage is paid off first.
A mortgage reduced subsequently to another mortgage on the same property or made subordinate by agreement to a later-recorded mortgage.
A secondary mortgage that is required to be paid only after the senior mortgage in the case of a foreclosure.
A subordinate or inferior lien.
A mortgage of lesser than first-lien priority.
A mortgage second or subsequent in lien (subordinate) to a previous mortgage.
A lien that is below that of another mortgage. The holder of a junior mortgage can usually be satisfied only after a more senior lender is paid off. Thus, the interest rate on a junior mortgage is usually higher.
A mortgage lower in lien priority than a first mortgage.
Any mortgage that is of lesser priority than the first mortgage. GO TO TOP
A mortgage lower in lien priority than another.
A loan that subordinate to the primary loan. Return to Glossary Menu
A mortgage, the lien of which is subordinate to that of another mortgage.
A mortgage that is subordinate to claims of a prior lien or mortgage. Borrowers sometimes use junior mortgages to obtain additional funds needed for downpayments or closing costs. Lenders tend to discourage junior financing because the borrower has little or no equity in the home. Also called a second mortgage.... read full article
A loan that is subordinate to the primary loan.
Any mortgage claim whose lien is lower in priority than other mortgage liens. Home equity loans, second mortgage and, when applicable, third mortgages are considered junior liens to the first mortgage. If the property is ever sold, the proceeds must first satisfy tax and primary liens; the remaining surplus is then used to satisfy junior mortgages. For more information, see the "Second Mortgage" article in the "Loan Programs" section.
also called a secondary mortgage. A mortgage whose claim to repayment is second to another mortgage.
A mortgage subordinate or secondary to another mortgage. In the case of a foreclosure, a senior mortgage will be paid first.
A home loan than is subordinate to the primary loan, or first mortgage.
Mortgage of lesser priority than the prior recorded mortgage.
A mortgage that is subordinate to the claims of a prior lien or mortgage.- to top
A second mortgage; a lien that is subordinate to a first mortgage.
A mortgage that of lesser rank than the first mortgage. A mortgage second in lien to a previous mortgage. A.K.A. Second Mortgage & Home Equity Loans.
a mortgage that is subordinate to any other mortgage of record.
A mortgage subordinate to another mortgage. In the case of a foreclosure a senior mortgage will be paid prior to a junior mortgage.
A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first.
A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage.
A mortgage that is secondary to another loan regarding the same property. Liens on a property that do not have first rights to title (e.g. a second mortgage). ien A claim over another's property to ensure payment of debt.
A loan that subordinate to the primary loan. glossary of terms Real Estate Terms Glossary Type the Term you'd like to search for. Or Search Alphabetically
A loan that subordinate to the primary loan. ( See Related Terms)
A loan that subordinate to the primary loan. . NATALIA ARIAS - Lic. Real Estate Broker. 9594 Nw 41St. Street #103 - Doral, FL 33178 Office: 305.599.1817 Cel: 786.306.5395 Fax: 1866.565.4943 E-Mail - [email protected].................................................... [email protected]© YourWestonDreamHome.com - All rights reserved.
Loan that is subordinate to the primary loan and cannot be satisfied until the primary loan is paid.
A mortgage which is in lower rank to another. In many cases, other mortgages in higher ranking to the junior mortgage will be paid first.