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Beware of Preserving Lien Priority When Modifying Mortgages

When lenders modify the terms of a mortgage loan they should be careful to obtain the necessary consents from any junior lien holders and to record the necessary documents memorializing the modification. In general, under New York law successive mortgages on the same property are entitled to priority in the order in which their respective mortgage liens have attached to the property. The mortgage lien generally attaches to the property when it is recorded in the county clerk’s office of the county in which the property is located. Continue reading “Beware of Preserving Lien Priority When Modifying Mortgages”