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Second lienholder

A second, or junior, lienholder is a person or institution that has subordinate control of a lien.

From the BankHomesForeclosed.com glossary:

“A holder of a right to force the sale of property that is inferior and subordinate to another lienholder's right to do the same. A junior lienholder who forces the sale of the real estate must either pay off the senior lien or make arrangements to make payments on it to prevent it from being foreclosed. The foreclosure of a first lien destroys the right of a junior lienholder to foreclose, but the foreclosure of a junior lien does not affect the right of a senior lien to foreclose.”

In addition, from InvestorWords.com:

A second lien debt is “a debt that places its holders second in line in the case of bankruptcy or default. Second lien debt holders receive compensation from property or other collateral after first lien debt is covered, making this type of loan a riskier investment.”

Securitization

Securitization is a financial transaction that distributes risk and frees capital for lending by pooling assets and then issuing tradable securities collateralized by the pool.

From REIT.com:

“Securitization is the process of financing a pool of similar but unrelated financial assets (usually loans or other debt instruments) by issuing to investors security interests representing claims against the cash flow and other economic benefits generated by the pool of assets.”

Additionally, (from Wikipedia):

“All assets can be securitized so long as they are associated with cash flow. Hence, the securities which are the outcome of Securitisation processes are termed asset-backed securities (ABS).”

Short sale

In real estate, the term ‘short sale’ refers to a transaction in which the real estate seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan.

From MLSShortSales.com:

“A short sale or short payoff occurs when the sale of a home are less than the balance owed on the property. In a short sale the bank agrees to discount a loan balance due to hardship or loss of income.”

And from Wikepedia:

“It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower.”

Subordination

From the financial dictionary, TheFreeDictionary.com:

Subordination is “to agree to place one's mortgage or other interests in a junior position relative to another.”

In addition:

“A subordination agreement is a contract whereby a creditor agrees that the claims of specified senior creditors must be paid in full before any payment on a subordinate debt can be paid to the subordinate creditor.”