| gen. |
second mortgage contract (A second mortgage is another (secondary and subordinate to the existing first mortgage) loan that you take out using your home’s equity as collateral. It provides you with cash, but it deprives you of the owned by the time part of your home, partially or completely. A second mortgage imposes certain risks on the borrower, too. One of them is second mortgage subordination. It is very important to have a clear subordination statement included into the second mortgage contract. Alexander Demidov) |
