Why 2nd Mortgages Are A Small Business Lifesaver

 


These are loans taken against properties with existing (primary) mortgages. The term itself, secondary, explains that the obligation of the lender who accepts the 2nd mortgage agrees to be second in line to a lender who has the primary mortgage. In effect, a primary lender or mortgagor has the right to run after the borrower’s obligations first before the 2nd mortgagor would be given a chance to do so. Read more Why 2nd Mortgages Are A Small Business Lifesaver.

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