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recording of mortgages

Posted on: 13th Jan, 2014 08:58 am
I refinanced my home in May 2003 and then took out a HELOC in September 2003. The HELOC was recorded at the register of deeds in October 2003, but the refinance was not recorded until April 2004. So who is really my first as it pertains to a foreclosure?
Hi Tina!

Welcome to the forums!

If the HELOC was recorded earlier, then it will be considered as the first on your property. If the refinance and the HELOC was done by the same lender, then you should speak to your lender in this regard and sort out the matter.

Feel free to ask if you've further queries.

Sussane
Posted on: 13th Jan, 2014 07:40 pm
A house has 2 mortgages and it was sold at a sheriff sale by the 1st. If the owner redeems the property are they still liable for the second or can the second pursue them for their balance? Although both mortgages were discharged in a chapter 7.
Posted on: 14th Jan, 2014 02:03 pm
Welcome Tina,

If both the mortgages have been discharged in bankruptcy, then the lender will not be able to come after you to recover the dues.
Posted on: 14th Jan, 2014 07:44 pm
The recording sate does not matter it is when they were signed - your first is your first and your heloc is your second -
Brian
Posted on: 15th Jan, 2014 10:43 am
The lien position for a mortgage is determined by the DATE RECORDED, not by the date the mortgage is signed.

So, right now you have a first mortgage product in a second lien position and you have a second mortgage product in first lien position.

It is not proper for a first mortgage product to be in a second lien position.

If someone were to buy a home with a first and second mortgage closed the same day of the purchase, it is important that the first mortgage be recorded first, even if being first is only by minutes.

Right now, in the event of foreclosure, the second mortgage lender gets paid first.
Posted on: 15th Jan, 2014 12:56 pm
I had to go in and research and I admit I was wrong it is by recording date - why it would take the first lien almost a year to record is suspect? It sounds like you have a mess with the title -
Posted on: 15th Jan, 2014 01:20 pm
Welcome back Brian!! It's great to see you back after such a long time. Hope you keep on participating in the forum discussions! :)
Posted on: 15th Jan, 2014 07:07 pm
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