If you have a deed of trust that is properly recorded and then a second/subordinate deed of trust is recorded on the same property and then the first deed of trust is modified, does the original/first deed of trust, as modified, still have priority over the second deed of trust? No new money is loaned, only the terms of the note/loan agreement are modified, e.g., rate, term, or both, etc.

Usually the first will say that it secures the note and all modifications, amendments, etc. If it does, I think you're in good shape. If it doesn't, you still may be okay as long as the changes aren't material and don't render the first misleading.

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