Mortgage Lien
A lien on the property of a mortgagor. In most states a mortgage gives the mortgagee a lien-as opposed to the common-law practice of granting conditional title-on the house or property as security for the loan. A mortgage lien secures the loan. In the event of a default, a mortgage lien holder can foreclosure on the property in order to satisfy the claim of the mortgagor. The priority of a mortgage lien depends on the number of previous liens on the property. If there are no other previous mortgage liens or other financial obligations against the property, then the mortgage lien is considered a first mortgage and takes priority over succeeding loan agreements. In case of foreclosure, the holder of a second mortgage lien can recover only after the first mortgage lien holder has been paid.
Popular Real Estate Terms
A mortgage where the payments are overdue and open to a foreclosure action at any time. A mortgage not having a prepayment clause permitting the mortgagor to repay the mortgage at any ...
Clause inserted into a commercial lease by a mortgagee stating the lessee's current lease will not be terminated if there is a foreclosure action against the landlord for the failure to ...
All expenses related to maintaining and operating a household. These expenses include the cost of rent or mortgage payments, taxes, utilities, maintenance and structural improvements. The ...
British thermal unit-a unit of energy associated with the creation of heat. Prior to 1929, it was defined as the amount of heat required to raised the temperature of 1 pound of water 1 ...
Interest based on a 360-day year instead of a 365-day year. The former is referred to as simple interest and the latter is termed exact interest. The difference between the two types of ...
Regional area from which a particular product or service can expect its greatest demand. For example, a retail department store expects to attract shoppers from a market area having a ...
Payment of the minimum tax by using legal tax planning opportunities such as estate planning. The use of tax avoidance strategies is a sound approach to retaining cash flow. On the other ...
Paneled brickwork between timber quarters, a framed wall, or partition. ...
Judicial appointed person who takes possession, but not the title, to real estate during a bankruptcy process referred to as a receivership or a foreclosure proceeding. The receiver is ...
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