A junior lien, also known as a junior mortgage, is a type of lien or security interest that is registered on a property after a primary, or senior, lien. These liens are subordinate to the senior lien in terms of priority and repayment during foreclosure.
A junior lien, also known as a subordinate lien, refers to any lien that will be paid after earlier liens have been paid. It denotes the secondary position of the lien in order of payment priorities.
A mortgage provided by the seller to the buyer in part payment of the purchase price of real estate. It serves as an alternative or additional financing option for buyers who may not qualify for traditional loans.
A subordinate mortgage, also known as a junior lien, is a mortgage that is ranked below a primary mortgage in terms of claim priority. In the event of a foreclosure, the primary mortgage is paid off first, and any remaining funds go towards paying the subordinate mortgage.
