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Junior Mortgage
(redirected from Junior Mortgages)

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Junior mortgage
A mortgage that will be satisfied only after more senior mortgages have been satisfied. E.g., a first mortgage will be satisfied prior to a second or a third mortgage.
Junior Mortgage
A mortgage secured by a lien on a property that is subordinate to another mortgage on the same property. One may take out a junior mortgage to pay for home repairs or for any number of other reasons. A junior mortgage carries a higher interest rate than a primary mortgage because the lien is less secure. A second mortgage is a junior mortgage, as are third and fourth mortgages. See also: Piggyback mortgage.
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The main, but rarely mentioned, reason the Big Four demand a "safe harbor" is to protect them while they modify the senior mortgages they do not own while preserving the junior mortgages they do own.
Five Reasons Why 'Servicer Safe Harbor' Would be Bad for America by PR Newswire
Absent sufficient data to extract an adjustment from the market, it is appropriate to incorporate the effect of junior mortgages into mathematical calculations in order to comply with Guide Note 2, be consistent with the USPAP definition of market value, and provide more realistic estimates of cash equivalency.
The assumed mortgage: a residential cash equivalency case study by Wolverton, Marvin L. / Appraisal Journal
Loan group I consists of adjustable-rate home equity lines of credit with combined loan-to-value (CLTV) ratios up to 125%, secured by first, second, or more junior mortgages or deeds of trust on residential properties.
Fitch Rates $351MM Irwin Home Equity Loan Trust 2005-1 by Business Wire
 
 
 
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