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second lien

noun
1.
a lien subordinate to a previous or preferred lien.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for second lien
  • The second lien amount is reduced in monthly increments over the affordability period.
  • Many homeowners may be struggling to make their monthly mortgage payments because they have a second lien.
  • Aid to homeowners needing loan modifications now, including first and second lien principal reduction.
  • But if a second lien is in place, then it should take place ahead of that new mortgage.

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