First Mortgage

It is possible to have more than one mortgage debt associated with a particular property. In that event, one mortgage lender has first-dibs on the property via foreclosure, typically due to it being an earlier lender. Such lender is termed more senior than the other more junior mortgage lender(s). If the first mortgage holder forecloses, the foreclosure wipes out the junior mortgages along with the debtor's interest in the property.

Senior Mortgage

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