A loan or other lien that has a priority that is lower than that of the first loan.
Secondary financing secured by a lien that is junior to the first mortgage or senior claim - for example, a second mortgage.
An additional lien against the real estate securing borrowers first mortgage. This lien takes second priority to the first mortgage.
A second lien on the property securing the loan at the time of closing. This arises when there is a second lien on the property at the time the new loan is taken out, and the new loan does not pay it off.
Any mortgage or other lien that has a priority lower than that of the first mortgage, or senior loan. See second mortgage.
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.