Junior Mortgage

A loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without that is subordinateTo place in a rank of lesser importance or to make one claim secondary to another. to the primary loan or first-lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower mortgage loanThe legal agreement where a borrower is obligated to repay a lender for money borrowed to purchase a home., such as a second or third mortgageSimilar to a "second mortgage." See also "second mortgage" under "mortgage.".

Junior Mortgage

A mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. recorded subsequently to another mortgage on the same propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. or made subordinateTo place in a rank of lesser importance or to make one claim secondary to another. by agreementAn exchange of promises, a mutual understanding or arrangement; a contract. to a later- recorded mortgage.

Junior mortgage

Any mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. of lessorThe landlord in a lease agreement. priorityThe Bankruptcy Code's statutory ranking of unsecured claims that determines the order in which unsecured than a first mortgageThe original mortgage loan taken out on a home or other real estate.. Second mortgages, third mortgages, and most home equityThe difference between what you paid for your home and what you get when you sell. loans are junior mortgages.

Junior mortgage

Any mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. on a propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. that is subordinateTo place in a rank of lesser importance or to make one claim secondary to another. to a senior mortgageA mortgage, usually a first mortgage, having priority over another. in priorityThe Bankruptcy Code's statutory ranking of unsecured claims that determines the order in which unsecured.