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So what is the first and second mortgage in how they get their priority
this is Dave at titlesearch.com you may discover that on a
piece of real state there's more than one mortgage usually there's a first
mortgage may be a second line of credit home equity loan
how do they get their priority and which determines what mortgage comes first
well in most states the priority over means and mortgages is determined by
the time of recording many states have what's called a race
notice statute meaning that it's literally a race to the courthouse
whoever records their mortgage first gets first priority so
if a buyer executes a 1st and 2nd mortgage at the same time
in a closing office it's very important that the first mortgage
that's intended to have priority get recorded first in the book and then the other one
comes in second we've seen cases where for whatever reason
the papers accidentally switched at the courthouse and the second mortgage was
recorded first
doesn't matter if that was not the intention if it was recorded in the book
first
it gets first priority you’ll also notice in title records
mortgages don't say in their documents first mortgage second mortgage
it’s all determined by the recording date so
if the day is recorded after another item lien encumbrance
it will have second priority if you have questions about title records or
retrieving title documents
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