What Is A “First” Mortgage?
August 28th, 2008 By Peter G. Miller
A first trust or mortgage represents what is generally the first claim on a property if it is foreclosed. It must be paid in full before other claims can be considered (except tax liens). A second trust or mortgage can only be repaid after the entire amount of the first debt has been paid off. A home equity loan is typically just a second claim.
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