A junior lien is a type of security interest on property that is not as important as other security interests. This means that if the property is sold or foreclosed, the junior lien holder will only get paid after the more important security interests are paid back in full. It's like being in line at a store - the people who got there first (the senior lien holders) get helped before the people who got there later (the junior lien holders).
A junior lien is a type of security interest on a property that is considered less important than other security interests. This means that the junior lien cannot be satisfied until all other security interests with greater priority are paid back in full first.
For example, let's say that John takes out a mortgage on his house. The mortgage company has a senior lien on the property, which means that they have the first priority to be paid back if John defaults on his loan. Later, John takes out a home equity loan from a different lender. This home equity loan is a junior lien because it has a lower priority than the mortgage company's senior lien. If John defaults on his loans, the mortgage company will be paid back first before the home equity lender can receive any payment.
Another example of a junior lien is a second mortgage on a property. If a homeowner takes out a second mortgage, it is considered a junior lien because it has a lower priority than the first mortgage. If the homeowner defaults on their loans, the first mortgage lender will be paid back first before the second mortgage lender can receive any payment.
In summary, a junior lien is a type of security interest that is considered less important than other security interests. It cannot be satisfied until all other security interests with greater priority are paid back in full first.