Second Mortgage: A second mortgage is taking out a mortgage on a property which is already mortgaged. This can be used to raise capital if the property has significantly increased in value and would involve finance companies rather than banks or building societies. Since the first mortgagee (lender) usually holds the deeds of the property, the second mortgagee will carry a higher risk and thus charges a considerably higher rate of interest.Secured BondA bond which is secured by the guarantee of assets or collateral is a secured bond.

 

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Second Mortgage: A second mortgage is taking out a mortgage on a property which is already mortgaged. This can be used to raise capital if the property has significantly increased in value and would involve . . . View Full Definition

Junior Lien-Mortgage: An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien (senior loan) on the same real estate.

Purchase-Money Mortgage: A mortgage given as part of the buyers consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a part of the transaction. It . . . View Full Definition

Second Position Of The Leg: The dancer stands with feet turned out along a straight line as in first position, but with the heels about one foot apart. The term seconded generally means to or at the side, Second positi . . . View Full Definition