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Mortgage in
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The second mortgages being more riskier from the lender point of view, simply means as a mortgage from the property, which has already one mortgage. Here the priority in the settlement regarding the claims is given to the earlier mortgage. The second mortgages possess the rights subordinate to the first.
There may be the case of multiple loans for a real estate. When one loan is registered in a country or city first is called the first mortgage. The loan if registered second is called second mortgage. Some times in rare cases a property can have third or fourth mortgage.
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