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A subordination agreement is a legal document used to make the claim of one party junior to (or inferior to) a claim in favor of another. It is generally used to grant first lien status to a lienholder who would otherwise be secondary to another party, with the approval of the party that would otherwise have first lien.
Subordination is the process by which a creditor is placed in a lower priority for the collection of its debt from its debtor's assets than the priority the creditor previously had, [1] In common parlance, the debt is said to be subordinated but in reality, it is the right of the creditor to collect the debt that has been reduced in priority ...
When refinancing, if the homeowner wants to refinance the first mortgage and keep the second mortgage, the homeowner has to request a subordination from the second lender to let the new first lender step into the first lien holder position. Due to lender guidelines, it is rare for conventional loans for a property having a third or fourth mortgage.
Specific liens: A specific lien is tied to one certain asset and typically used for larger loans, such as mortgages. If you get a mortgage for a vacation home, for instance, the lender will put a ...
Although the second lien loan's security interest is subordinated to the first lien loan's interest in the pledged assets of the company, the ranking of first lien and second lien loans are the same in the event the pledged assets are not sufficient to satisfy the outstanding borrowings.
This lien gives the lender the first right or claim to the home if you were to default on the loan. Other lenders who have a lien on your home are secondary to the lender of the first mortgage ...
Following this issuance, the state will have approximately $1.2 billion of senior lien severance tax bonds ("Severance Tax Bonds") outstanding, rated Aa2, and $25.4 million of subordinate lien ...
judicial lien—a lien obtained by judgment, levy, sequestration, or other legal or equitable process or proceeding. junior lien—a lien that is junior or subordinate to another lien on the same property. landlord's lien—a lien that empowers a landlord to seize a tenant's property and sell it to satisfy overdue rent.
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