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| Home | Ask Your Question | Mortgage Glossary | ||
LienA claim upon a piece of property for the payment or satisfaction of a debt or obligation. A mortgage is a lien against a house. A lien affects the ability to transfer ownership. |
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Related Mortgage Definitions: Lien Lien A claim upon a piece of property for the payment or satisfaction of a debt or obligation. A mortgage is a lien against a house. A lien affects the ability to transfer ownership. ... more... First Mortgage First Mortgage A mortgage that has priority as a lien over all other mortgages. In the case of a foreclosure the first mortgage will be satisfied before other mortgages. ... more... Foreclosure Foreclosure A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property. When the process is complete, it is typically said that "the lender has ... more... Mortgage Lender Mortgage Lender A company that lends money on the security of land, houses, and real estate. A mortgage lender is the institution that provides the money to the borrower at closing. The borrower in turn, will sign a note provided by the lender stating their debt, their obligation ... more... |
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