Finance
What is a 'purchase money second mortgage' in Rhode Island seller financing?
AA second mortgage used to purchase money-market investments
BA second mortgage given by the seller to the buyer as part of the financing for the purchase, subordinate to the first mortgage✓ Correct
CA government second mortgage program
DA refinanced second mortgage
Explanation
A purchase money second mortgage is seller financing in the form of a second mortgage. The seller holds a second (junior) lien on the property, subordinate to the buyer's first mortgage lender. It is a tool to bridge gaps in financing.
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