Second Mortgage

A loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without secured by a mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. or trust deedSee: deed of trust., which lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower is junior to a first mortgageThe original mortgage loan taken out on a home or other real estate. or deed of trustThe document used in some states instead of a mortgage; title is conveyed to a trustee. In some states,.

second mortgage

A loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without that is junior to a primary or first mortgageThe original mortgage loan taken out on a home or other real estate. and often has a higher interest rateThe simple interest rate, stated as a percentage, charged by a lender on the principal amount of borrowed and a shorter termThe time period by the end of which a debt must be fully repaid. Also refers to the maturity period.

Second mortgage

A mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. made subsequent to the original mortgage on a given propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself., which is subordinateTo place in a rank of lesser importance or to make one claim secondary to another. to the first mortgageThe original mortgage loan taken out on a home or other real estate., that is, it gets paidThis is the amount of tax posted as paid for the year in question, either in installment payments or second in the event of a defaultThe inability to make timely monthly mortgage payments or otherwise comply with mortgage terms. A loan.

Second Mortgage

A mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. that has a lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower positionAn interest in the market, either long or short, in the form of one or more open contracts. subordinateTo place in a rank of lesser importance or to make one claim secondary to another. to the first mortgageThe original mortgage loan taken out on a home or other real estate..

Second Mortgage

An additional mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. on propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself.. In case of a defaultThe inability to make timely monthly mortgage payments or otherwise comply with mortgage terms. A loan the first mortgageThe original mortgage loan taken out on a home or other real estate. must be paidThis is the amount of tax posted as paid for the year in question, either in installment payments or before the second mortgage. Second loans are more risky for the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be and usually carry a higher interest rateThe simple interest rate, stated as a percentage, charged by a lender on the principal amount of borrowed.

Second mortgage

Similar to a "mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security.." See "second mortgage" under "mortgage."