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Second Mortgage

In real estate, a property can have multiple mortgages secured against it. The loan or mortgage that is registered first is called the first mortgage. The loan that is registered second is called the second mortgage and is subordinate to the first mortgage. There is no limit to the number of mortgages that can be registered over the title to a security property. Second mortgages are called subordinate because, if the loan goes into default, the first mortgagee gets paid out first before the second mortgage. Read More

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