lifting clause
A provision in a second,third,or other junior mortgage that allows the liens ahead of it to be paid off and refinanced for the same or a lesser amount,without sacrificing their priority in lien positions.Without this clause,investors with second mortgages could never refinance the first ones because,the instant the first mortgage was paid off,the second lienholder would immediately advance to first position.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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