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Yes, if the lienholder agrees to lift it. It is commonly called a postponement or subordination. This is very common in fact. If a person buys a home with a mortgage, that mortgage is a first lien. If the owner then takes out a home equity loan, that is a second lien because it was placed on the property after the first mortgage lien. Next, if that person refinanced the first mortgage, the new loan would pay off the first, eliminating it and giving the home equity loan the first position. The new loan would be in second position because it comes after the home equity loan. But the refinancing company would not agree to the refinance unless the home equity bank agreed to postpone or subordinate its the second lien and let the new refinanced loan become the first lien. The home equity bank would sign a document agreeing to allow the refincing bank get into first place. The home equity loan would then drop back into second place just as it had been before. In a sense the home equity lien has been lifted then reinstated. So it can be done but only with the lienholder's consent.
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