junior lien

Definition

An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien on the same realty.

Use junior lien in a sentence

You should always make sure that you know you will be able to pay off any junior lien before you take it on.

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ABC. Credit Union was given a junior lien on the house when they loaned additional funds to the Brown family .

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The junior lien was really cool and it was interesting for us because it was an obligation and we were great at fulfilling obligations.

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junior equity junior mortgage