lien. The safety need for a property offered to help you a home loan company and other collector that can easily be used when your loan try perhaps not repaid according to decided terminology. Earliest liens has very first call on the house or property. 2nd and you may subsequent liens stand behind and are usually faster safer than just the first (i.elizabeth., they only receives a commission if any financing come following the basic lien owner is actually completely paid back).
mortgage loan modification, otherwise mod. A loss of profits mitigation equipment where in actuality the financial alters the original terms of a home loan throughout the unpaid borrower’s like so the borrower normally restart and make monthly obligations. Read more