What is a Junior Mortgage?
Junior Mortgage:
The term Junior Mortgage includes all mortgages that are subordinate to
the first mortgage.

Second and third mortgages would be considered Junior Mortgages. In the
event of foreclosure, the first mortgage holder has the right to be repaid in
full before junior mortgage holders receive any payment.

If insufficient sums are available to fully repay the first mortgage holder, then
the junior mortgage holder will receive nothing.
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