According to my understanding, the position is granted by the order that the deeds are recorded. To be in first position, the deed has to be recorded first, thus giving that first deed precedence over the second. Most investors know that 2nd position mortgages are not looked upon seriously, and therefore insist on 1st position, usually, because they want to sell the paper themselves as soon as they buy it, bka a simultaneous closing. Alvin, did I explain that correctly?
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George W. Jackson, IV
Associate Broker, SFR
Keller Williams Realty
"Providing A Higher Level of Professional Service"