subordinate lien

subordinate lien

Any subsequent (second, third, fourth, etc.) mortgage lien. In the event of foreclosure, holders of such liens may resort to the property for payment only to the extent of any surplus after prior liens have been paid off. Priority is usually determined by the chronological sequence in which the mortgages were created, but may be varied by agreement among the parties.
References in periodicals archive ?
Proceeds will be used to advance and current refund outstanding senior lien and subordinate lien electric revenue bonds for interest cost savings and pay costs of issuance.
The new service allows mortgage servicers to identify a match between a first and a subordinate lien and then transport this data from one servicer to another, which supports co-modification efforts for subordinate hens following a first-lien modification.
Fitch Ratings has assigned an underlying 'A+' rating to the city of Houston, Texas' USD395m airport system subordinate lien revenue refunding bonds series 2007A (AMT) and series 2007B (non-AMT).
After the sale, the lender may apply the proceeds to satisfy the reasonable expenses of the sale, including attorney fees and auctioneer fees; the satisfaction of the borrower's outstanding balance under the loan; and the satisfaction of any sums owed to subordinate lien holders or secured parties.
3 million of series 2012C subordinate lien airport system revenue bonds at 'BB+'.
Bankers Trust argued that the condominium statute permits it as a first mortgagee to foreclose out the subordinate lien for common charges which liens may be satisfied only out of any surplus monies generated by the foreclosure sale.
is supporting and urging the swift passage of The Fast Help For Homeowners (FHFH) Act, a short sale bill that will require subordinate lien holders to respond to short sale offers within 45 days.
4 million hotel occupancy tax (HOT) subordinate lien revenue & refunding, series 2004A, at 'A+';
3 million subordinate lien bonds, series 2010A (Federally Taxable Build America Bonds);
15 million senior lien bonds at 'A' and $69 million subordinate lien bonds at 'A'.
This is the first offering of subordinate lien sales tax revenue bonds by the corporation, an independent governmental instrumentality of the commonwealth and affiliate of the Government Development Bank of Puerto Rico (GDB).
Deallocated senior lien reserves, excess loan repayments from the senior lien, certain pledged subordinate lien loan repayments, and interest earnings provide the primary security for the subordinate bonds.