It’s not uncommon to see the same document recorded twice (very common when the DOT “benes” are a group of investors - loan may be recorded in association with each investor’s name). Just double check to ensure it is indeed the same doc # and recording date, loan $ amt. In the case that you’ve highlighted above, the 2nd and 3rd loan (2715 6/14/07) are one in the same … just recorded twice.
Loan seniority is determined by the recording date. Earlier loans are senior. The recording date and doc # are key. When two separate docs are recorded on the same date, check the doc #.
Occasionally, when a lender makes multiple loans on the same APN, they will record a separate subordination agreement, or more commonly, include subordination verbiage in a subsequent DOT. This subordination verbiage will spell out that one loan is subordinate (junior) to the other. You need to pay attention to subordination agreements as they can occasionally change the seniority (position) of a loan versus another. Example: BoA loan makes a $100K loan in 2002 and the owner gets another loan from BoA in 2003 for $250K. Both loans are on the same APN. BoA has more exposure via the junior $250K loan and they may record a subordination agreement to place that junior loan into senior position. Occasionally (but very rarely today) two different lenders will agree to a subordination agreement. Why rarely different lenders? Because most senior lenders would be reluctant to voluntarily place themselves into a junior position. WIIFM?
When doing your research, it’s important to document:
* All DOTs
* All full reconveyances (payoff on old DOTs)
* Other judgments and liens (note the recording date to determine seniority)
* IRS Liens (super senior, but there are some possible work-arounds)
* Unpaid property taxes (super senior)
* Mechanics liens (Note that mech liens wherein the work can be determined as “necessary” to preserve the value of the property … are super senior … e.g. a roof repair to avoid water damage can be super senior … a new pool is not super senior)
* Verify the APN on EACH doc (owners commonly own multiple properties and you want to document the APN associated with the foreclosing loan. Note that sometimes the NTS will include more than one APN … possibly a good thing, but likely more research)
* Check under ALL owner(s) names and variations of the same owner(s) name. e.g. John Good and Johnny B Good Trust. You’d be surprised how often you’ll find key info under different variations.
* Read any subordination agreement/clause
* Read easements carefully and how they apply. They can be trivial or very significant.