Every business has its own jargon and when getting tossed in the mixed we can only imagine that coming to something as important as a home it is important to be able to talk the talk with the professionals that you surround yourself with. Well as of recently we were asked for an explanation as to what is the meaning of Jr. Lien. "Jr." is short for Junior and it refers to the position that the lien holds as being subordinate to some sort of Senior Lien. Generally a Sr. Lien is the lien position held by the First Mortgage.
Just for those that might benefit from the explaination a lien is by legal relation between the parties, which may be created in three ways: 1. When the law casts an obligation on a party to do a particular act and in return for which, to secure him payment, it gives him such lien; common carriers and inn keepers are among this number; 2. When goods are delivered to a tradesman or any other, to expend his labor upon, he is entitled to detain those goods until he is remunerated for the labor which he so expends; 3. When goods have been saved from the perils of the sea, the salvor may detain them until his claim for salvage is satisfied; but in no other case has the finder of goods a lien. (Definition courtesy of http://www.lectlaw.com/def/l036.htm)
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