second mortgage

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second mortgage

n.
A mortgage taken out on property that already has one mortgage, with priority in settlement of claims given to the earlier mortgage.

second mortgage

n
(Banking & Finance) a mortgage incurred after a first mortgage and having second claim against the security
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.second mortgage - a mortgage that is subordinate to a first mortgage
mortgage - a conditional conveyance of property as security for the repayment of a loan
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References in periodicals archive ?
In A New look at Second Liens (NBER Working Paper No.
Bank of America Corp (NYSE: BAC) has announced a plan to erase debt on 150,000 second liens for mortgage borrowers facing financial troubles.
That's particularly true in that hedge funds and distressed-asset lenders are prime forces in this type of lending, and may not have the stomach or the expertise to stay the course if things go south (see sidebar, "How Second Liens Complicate a Workout," on page 43).