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junior mortgage

   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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In a deal with a senior mortgage lender and a junior mortgage lender, the loan held by the senior lender must be paid off first.
Apparently, the trial court applied a theory that by failing to foreclose its junior mortgage, D.
The Real Property, Probate and Trust Law Section had four additional positions authorized, including: * Opposing bills that would redefine title insurance to exclude junior mortgages and home equity loans.
 
 
 
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