Business / Taxes / Lien: A lien is a document that shows you owe money to a lender on a particular vehicle or other asset, such as real estate, that has been used as collateral on a loan. An asset on which there’s a lien can’t be sold until the lienholder has been repaid. When you own an asset on which there’s a lien, you risk having it repossessed if you default and don’t make the required payments in full and on time.
Business / Real Estate / Junior Lien-Mortgage: An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien (senior loan) on the same real estate. MORE