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Junior Mortgage |
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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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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a consulting concern, noted that VMS Mortgage Fund still had large exposure to junior mortgages -- in a tough real estate market. 6 million of the junior mortgage loan (the "Junior Loan") encumbering the Property. The Operating Partnership also transferred its interest in the junior mortgage loan (the "Junior Loan") encumbering Continental Towers to Prime Equity. |
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