Legal Question in Real Estate Law in Michigan

mortgage rescession

First mortgage refinance

Mortgage is recorded 2nd day of 3 day rescession period

A second mortgage is taken out 2 years later and recorded in a timely fashion

Second mortgage holder was aware of the first mortgage

First mortgage is foreclosing for non payment

Second mortgage is current

Question-Did the first mortgage, because it was recorded prior to the rescission period being completed have the standing to be a recorded mortgage on the date it was recorded?

The first mortgage is valied but is the date of it's recording suspect?

Is is possible that the first mortgage will have to be re-recorded and the second mortgage move up to first priority.

1 Answer from Attorneys

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