Junior Mortgage Law & Legal Definition
A junior mortgage is a mortgage which ranks behind another mortgage for payment in the event that the borrower defaults. It is a mortgage that is subordinate to claims of a prior lien or mortgage. Junior mortgages are sometimes used by borrowers as a means to obtain additional funds needed for downpayments or closing costs. Junior mortgages are disfavored by lenders because the borrower has little or no equity in the home. It is also called a second mortgage.
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