Second Mortgage definition

Second Mortgage means a mortgage from which the proceeds of a loan or other extension of credit made by a third person are secured by a mortgage on the real property for which the mortgagor has used the proceeds of the loan or other extension of credit to pay all or part of the purchase price of the property.

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Second Mortgage means a Mortgage that constitutes a second Lien on the real property and improvements described in or covered by that Mortgage.

Second Mortgage means a second or other subordinate priority mortgage lien or similar real property security interest.

Examples of Second Mortgage in a sentence

• The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder.

• The Second Mortgage Assistance Component will provide up-front, forgivable, loans to eligible borrowers.

• Borrowers with a second lien will also be considered for the Second Mortgage Reduction Plan program.

• Goals The goals of the Second Mortgage Assistance Component is to help homeowners avoid foreclosure by eliminating a second mortgage if necessary to modify the terms of the primary loan, and to reduce the likelihood that a borrower will re-default under its primary loan as a result of the burden of a second mortgage.

• Programs It is possible that a homeowner may also receive assistance through the Second Mortgage Reduction Plan and/or other HHF Programs.

More Definitions of Second Mortgage

Second Mortgage means a mortgage interest having priority over all other security interests registered against the same real property used to secure such mortgage, other than a first mortgage of such real property.

Second Mortgage means a Mortgage constituting a second lien on real property. “Second Mortgage Loan” means a Mortgage Loan secured by a Second Mortgage.

Second Mortgage a Mortgage which is subject to one prior or superior Mortgage.

Second Mortgage means the Deed of Trust, Security Agreement, Financing Statement, and Fixture Filing (Second Priority) executed this date by Borrower in favor of Lender, to be recorded in the real estate records of the county where the Property is located, and any extensions, renewals, modifications or replacements thereof or therefor, which secures, in part, the obligations under the Borrower Guarantees and which shall be junior and subordinate to the Mortgage.

Second Mortgage means a mortgage or deed of trust which constitutes a second Lien on the property covered thereby.

Second Mortgage. The City’s HOME Loan will be in second lien position.

Second Mortgage means the recorded mortgage securing the Down Payment Assistance Loan, which is subordinate only to the lien of the First Mortgage.