First Lien

Definition

The primary mortgage that gets paid first if everything goes sideways, making it the Scrooge McDuck of debts.

Example Usage

The first lien holder has priority over any other creditor if the property is foreclosed.

Origin

From 'lien,' meaning a legal claim on property (from Latin 'ligare,' to bind)

Fun Fact

Second mortgages and home equity lines of credit take a backseat to the first lien, making them much riskier for lenders.

Source: Property and mortgage law

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