Q: What is considered a First Mortgage in the State of Fl?
What is considered a First Mortgage in the State of Fl?
Is it based by date or satisfaction?
The property in question has 4 Mortgage notes in total ranging from 2001 when the home was purchased to 2005.
The first two mortgages on the property in 01 and 03 both have satisfaction notes.
The Third was filed in 2005 and has not been given a note of satisfaction, however there is another mortgage/ line of credit by the same lender issued later that year under a different loan number that also has a note of satisfaction.
Is the third but only active mortgage considered the first mortgage on the home?
A:
Mortgages are in the priority of time. So a first mortgage would be first in time. If you have satisfied the original first or second in time mortgage(s) they are are no longer liens on your home and are no longer mortgages. So the next mortgage you put on your home would be considered at this point a "first" mortgage.
First mortgage can also be considered the mortgage you acquired when you purchased the home. If it has been satisfied it is no longer a mortgage and no longer counted in priority.
First second or third at this point would be which one is priority it goes by earliest in time at this point for your home.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
