Delaware Subordination of Lien (Deed of Trust/Mortgage)

State:
Multi-State
Control #:
US-OG-1211
Format:
Word; 
Rich Text
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Description

This form is a subordination of lien for deed of trust or mortgage.

How to fill out Subordination Of Lien (Deed Of Trust/Mortgage)?

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FAQ

Understanding Subordination Clauses When you get a mortgage loan, the lender will likely include a subordination clause essentially stating that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender if a homeowner defaults.

Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.

Hear this out loud PauseA subordination clause serves to protect the lender if a homeowner defaults. If this happens, the lender then has the legal standing to repossess the home and cover their loan's outstanding balance first. If other subordinate mortgages are involved, the secondary liens will take a backseat in this process.

Definition and Example of a Subordination Clause For instance, say you buy a home with a mortgage. Later, you add a home equity line of credit (HELOC). Due to a subordination clause likely located in your original mortgage contract, your first mortgage ranks as the first priority or lien.

Hear this out loud PauseA subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future.

Hear this out loud PauseWho Executes a Subordination Agreement? The new lender prepares the subordination agreement in conjunction with the subordinating lienholder. Then, the parties typically sign the agreement.

A subordinate clause is a clause that cannot stand alone as a complete sentence; it merely complements a sentence's main clause, thereby adding to the whole unit of meaning. Because a subordinate clause is dependent upon a main clause to be meaningful, it is also referred to as a dependent clause.

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Delaware Subordination of Lien (Deed of Trust/Mortgage)