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 piggyback loan combines a construction loan with a permanent loan commitment or refers to a mortgage held by more than one lender, often used to avoid private mortgage insurance.
A financial agreement that changes the priority of claims on a property, such as converting a first mortgage to a second mortgage.
