| against it. The loan which is registered with county or city registry first is called the first mortgage. The loan registered second is called the second mortgage. A property can have fha limit loan mortgage third or even fourth mortgage, but those are rarer. Second mortgages are called subordinate because, if the loan goes fha limit loan mortgage default, the first mortgage gets paid off first before the second mortgage gets any money. Thus, second mortgages are riskier for the lender, who generally |
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