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terms, the creation of a mortgage gives the legal title of the land to the mortgagee and an equitable title (called "equity of redemption") to the mortgagor. The legal title, however, only exists government housing loan mexico new a security for a debt and does not convey any title or powers associated with real property. The mortgage instrument contains two parts: government housing loan mexico new mortgage, which is the pledge the promissory note (or simply note) which is the actual evidence of the debt and promise to repay To protect the lender, a mortgage is recorded in government housing loan mexico new public records creating a lien (when there are multiple liens, order of recording determines priority). Since mortgage debt is often the largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property to make certain that the lien of the mortgage is prior to government housing loan mexico new else's claim. Tax liens, in some cases, will come ahead of mortgages. For this reason, if a borrower has delinquent property taxes, the bank