Mortgage Lien
Definition of "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
When you hear a real estate agent talking about a client that's an empty nester, it means said client suffers from empty nest syndrome. But what is Empty nest syndrome? Empty nest ...
Building more than six stories high serviced by elevators. ...
Land subject to an easement. ...
Housing where affirmative action is actively pursued encouraging people of all races, nationalities, and religions to purchase or rent the facilities. ...
Land parcel bounded by two intersecting roadways. ...
The definition of voluntary alienation in real estate is the transfer of the residency rights or deed of a property between two parties without the use of extraneous legal measures. Unlike ...
A loan whereby the lender, in the event of a default, has recourse beyond the collateral pledged to initially secure it. For example, John gave Brian a $50,000 recourse loan using Brian's ...
The definition of net sales price in real estate is the combined total cost to the buyer of a listing, excluding any auxiliary costs such as the sales fee, appraisal fee, real estate agent ...
When someone owns a house that is an abutting property, it means that the property is sharing a boundary with the property next to it. The two abutting properties are adjoining properties ...
Have a question or comment?
We're here to help.