Second Mortgage and its Popularity Comeback
A second mortgage is a loan which is secured by mortgage to the title of a property behind another mortgage (known as the first mortgage). The second mortgage comes second to the first mortgage in priority, meaning that, in the event the mortgagor (the borrower) defaults and the property secured by the mortgage is sold, the second mortgagee will only receive payment if there are funds left over after the first mortgagee is paid. While the popularity of a second mortgage saw