Mortgage And Higher Purchase Agreement
There are some subtle differences though. In both – the higher purchase order and mortgage, the goods can be seized and sold by the Lender upon the Borrower’s failure to pay. In mortgage a first lien is the first to be paid when a borrower defaults and the property or asset was used as collateral for the debt. A first lien is paid before all other liens. A bank that holds the first mortgage on a property has the first lien.