Rob and jill obtained a mortgage from taylor bank & trust in 1998. in 2014, they obtained a second mortgage from quail loans. what is the loan with quail loans considered?

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jessicajacobson3405 jessicajacobson3405

16-08-2022
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Rob and jill obtained a mortgage from taylor bank & trust in 1998. in 2014, they obtained a second mortgage from quail loans. what is the loan with quail loans considered?

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Tutorconsortium359 Tutorconsortium359 · Answer 1 · 2022-08-19T16:17:05+02:00

Rob and jill obtained a mortgage from taylor bank & trust in 1998. in 2014, they obtained a second mortgage from quail loans called as Junior Mortgage.

What is junior mortgage loan?

When you take out a loan using your home as collateral while you already have one secured by your home, this is known as a second mortgage or junior-lien.
The term "second" indicates that this loan will be repaid after your mortgages if you are unable to make your mortgage payments and your home is sold to satisfy your debts.
Your second mortgage loan lender might not receive the whole amount owing if there isn't enough equity to pay off both loans in full. Because of this, second mortgage loans frequently have interest rates that are higher than first mortgage loans.

Learn more about the junior mortgage loan with the help of the given link:

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