Who is 1st mortgagee?

[N/A N/A]

There is a home for sale at a foreclosure auction in NYC. There are 2 mortgages on the home- senior (1st in time; older) & junior ( 2nd in time; recent). The junior bank, however RECORDED its mortgage before the senior bank. The senior bank is the only one foreclosing the property. I have 3 questions:

1) Who is the senior mortgagee - the bank who recorded their mortgage first or the bank who executed the mortgage first?

2) Will the junior (as defined in my scenario) have interest in the home after the sale since he recorded his mortgage first?

3) If it turns out that bank that is foreclosing is in fact the junior mortgagee, what are the consequences for the buyer?

Thanks!