please advise if a junior lien can exist without a senior lien. For instance, if a person re-finances thier home will the senior lien then become the junior lien?
General rule: First lien recorded is first in priority, and yes, a single lien can, often does become a Sr. lien when a subsequent loan & mtg are placed on the RE.
This is why, frequently, a lender's mtg or Deed of Trust will have DOS clause that triggers their right to foreclose if/when a subsequent loan with lien is taken out on the RE.
General rule: First lien recorded is first in priority, and yes, a single lien can, often does become a Sr. lien when a subsequent loan & mtg are placed on the RE.
This is why, frequently, a lender's mtg or Deed of Trust will have DOS clause that triggers their right to foreclose if/when a subsequent loan with lien is taken out on the RE.