Finance
In New Mexico, a 'second mortgage' or 'junior lien' is characterized by:
AHaving priority over all other liens
BBeing subordinate to the first mortgage in priority✓ Correct
CBeing the most common type of mortgage
DNot requiring property as collateral
Explanation
A second mortgage is a junior lien, meaning it is subordinate to the first mortgage in lien priority. In foreclosure, the first mortgage is paid before the second. This higher risk makes second mortgages more expensive.
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