[MudWalker] NUMBER ONE Success System

Tommy Lee noss1233 at gmail.com
Wed Aug 22 23:29:11 PDT 2007


Except in those few states in the United States that adhere to the title
theory of mortgages,[1] either a mortgage or a deed of trust will create a
mortgage lien upon the title to the real property being mortgaged. The lien
is said to "attach" to the title when the mortgage is signed by the
mortgagor and delivered to the mortgagee and the mortgagor receives the
funds whose repayment the mortgage secures. Subject to the requirements of
the recording laws of the state in which the land is located, this
attachment establishes the priority of the mortgage lien with respect to
other liens on the property's title.[2] Liens that have attached to the
title before the mortgage lien are said to be senior to, or prior to, the
mortgage lien. Those attaching afterward are said to be junior or
subordinate.[3] The purpose of this priority is to establish the order in
which lien holders are entitled to foreclose their liens in an attempt to
recover their debts. If there are multiple mortgage liens on the title to a
property and the loan secured by a first mortgage is paid off, the second
mortgage lien will move up in priority and become the new first mortgage
lien on the title. Documenting this new priority arrangement will require
the release of the mortgage securing the paid off loan.

In British usage, however, "real property", often shortened to just
"property", refers rather to land and fixtures as such while the term "real
estate" is used mostly in the context of probate law, and means all
interests in land held by a deceased person at death excluding interests in
money arising under a trust for sale of or charged on land.[1]

In French, Italian, Portuguese and Spanish, real estate is called
"immovables" (*immobilier* in French, *immobili* in Italian, *imóvel* in
Portuguese and *inmueble* in Spanish); other property is called "movables" (
*mobilier* and *mueble*).
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