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.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
On a second mortgage, the interest rates can be quite less in comparison to refinancing, and even the repayment period would be longer.
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.
According to the study, the Greatest Generation has less than half debt of baby boomers and Generation X, but proportionally, their highest debt burden falls in the mortgage category at 66.6%, followed by their second mortgages at 13.4%, and bankcards at 6.0 percent.
Although the prudent and recommended approach in a multiple lender scenario is for all of the lenders to enter into a priority agreement, some courts in British Columbia have interpreted the written agreement requirement in the PLA broadly enough to apply to provisions in second mortgages which contemplate repayment of the first mortgage in full prior to the repayment of the second mortgage (even though the first mortgage lender is not a party to, nor has knowledge of, such contractual arrangement).
Citigroup, Inc (NYSE: C) has announced that it would join the US government's second mortgage modification programme.
Still up more than one point from this summer's record lows, second mortgage interest rates dipped from 5.44% in July to 5.2% at the end of August.
So friends organized a series of monthly potluck dinners to help McGriff--who has taken out a second mortgage on his home and works two jobs--to raise the money.
An industrial development in south Little Rock is backed with a $1 million second mortgage.
The payment can either be deducted from the principal and interest payment on the first mortgage, it can be added into the recipient's income, or it can be used to pay off a second mortgage on the home.
The database provides complete and detailed analysis in property and casualty insurance; workers' compensation; first and second mortgage and home equity; motor vehicle financing; watercraft financing; unsecured financing; student loans; debt collector licensing and consumer goods financing.
In 1990, B took a second mortgage on his home to secure a debt that C owed to the Bank.