junior mortgage

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Related to second mortgage: Home Equity Line of Credit

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.
References in periodicals archive ?
You can set up a second mortgage with an end date to coincide with your fixed rate first mortgage.
Ultimately LBHI wrote off the second mortgage as a total loss and sold the first mortgage in May 2008 for $364,765.
The second-mortgage modification programme allows customers who availed second mortgages to lower payments or eliminate the loans entirely.
The second mortgage is provided by AHR, and MDHA pays the Section 8 payment directly to AHR for up to 10 years in order to retire the second mortgage.
A city commission has decided to punish the "tin men" who steal the equity in people's homes through shoddy work and overpriced second mortgages.
If a customer needs a second mortgage and they do not have good credit, we are the only lender in town that can help.
Debtor seeks to void the second mortgage in his Chapter 13 plan.
The bank has become the second bank to sign up for a government programme aimed at modifying second mortgages.
a $500,000 second mortgage for a 70-unit co-op located at 2035 Central Park Avenue in Yonkers, N.
The other trend brokers report is an increase in second mortgages and a shift to larger seconds, which are typically structured as a line of credit and therefore vulnerable to rising interest rates.
The 30-year-term first mortgage is fully amortized and the second mortgage is zero interest, no payment and fully forgivable after 10 years of occupancy in the home (subject to repayment to the trust if the borrower sells the property and a qualified buyer does not assume the loan or if the borrower voluntarily refin ances it).