The First Item That Takes Priority To A First Mortgage Is The Realty Taxes Levied Through The Municipality Or Township.The Municipality Will Issue An Interim And Final Tax Bill Yearly (Normally Payable In Six Installments). Delinquent Realty Taxes Take Priority Over All Mortgages Registered Against The Property. If Property Taxes Are Not Paid In Three Years, Municipalities Have The Option Of Selling Your Property For Tax Arrears And Using The Proceeds To Pay Off All Amounts Outstanding. more... See more text