Detroit Michigan Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
State:
Multi-State
City:
Detroit
Control #:
US-0385BG
Format:
Word;
Rich Text
Instant download
Description
A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan. Called lien holders positioning the second mortgage falls behind the first mortgage. This means second mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages. This is because if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Commercial loans can have multiple loans as long as the equity supports it.
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