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junior mortgage
(redirected from Junior Mortgages)

    Also found in: Dictionary/thesaurus, Financial, Wikipedia 0.01 sec.
junior mortgage
One in which the lender’s claim against the owner is subordinate to that of a first mortgage holder or another claim which has priority.
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The main, but rarely mentioned, reason the Big Four demand a "safe harbor" is to protect them while they modify the senior mortgages they do not own while preserving the junior mortgages they do own.
Five Reasons Why 'Servicer Safe Harbor' Would be Bad for America by PR Newswire
Absent sufficient data to extract an adjustment from the market, it is appropriate to incorporate the effect of junior mortgages into mathematical calculations in order to comply with Guide Note 2, be consistent with the USPAP definition of market value, and provide more realistic estimates of cash equivalency.
The assumed mortgage: a residential cash equivalency case study by Wolverton, Marvin L. / Appraisal Journal
Loan group I consists of adjustable-rate home equity lines of credit with combined loan-to-value (CLTV) ratios up to 125%, secured by first, second, or more junior mortgages or deeds of trust on residential properties.
Fitch Rates $351MM Irwin Home Equity Loan Trust 2005-1 by Business Wire
 
 
 
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