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property. The mortgage instrument equity home info rate two parts: the 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 the public records creating a lien (when there are multiple liens, order of recording determines priority). Since mortgage debt is often the largest debt equity home info rate 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 anyone else's equity home info rate Tax liens, in some cases, will come ahead of mortgages. For this reason, if a borrower has delinquent property taxes, the bank will often pay them to prevent the lienholder from foreclosing and wiping out the mortgage. A recent report from the federal reserve indicates a sharp rise in housing values in the past decade. They say equity home info rate rise has led to a buildup in mortgage debt. Greg McBride, senior financial analyst at Bankrate.com, said the proposed credit won't help homeowners in regions of the country, like New York equity home info rate California, where housing prices have skyrocketed. ``It seems to ignore the plight of a first-time buyer in an expensive market,'' he said. Because the panel would convert the deduction to a credit, taxpayers who pay income tax at marginal rates over 15 percent will see their benefits shrink. Almost 36 million taxpayers claimed the deduction in 2003, equity home info rate to the most recent statistics compiled by the Internal Revenue Service. The President's Advisory Panel on Federal Tax Reform urged the administration to do away with the deduction and replace it with a equity home info rate worth 15 percent of interest paid during the year. They would scrap the deduction for property taxes, too. If enacted, mortgages eligible for the tax break would be limited by a formula reflecting the average regional price of housing.