This agreement allows one lien holder to subordinate its deed of trust to the lien of another lien holder. For valuable consideration, a particular deed of trust will at all times be prior and superior to the subordinate lien.
Georgia Subordination Agreement of Deed of Trust
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Multi-State
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US-00185
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Word;
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How to fill out Subordination Agreement Of Deed Of Trust?
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Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.
Who Benefits from a Subordination Clause? A subordination clause is meant to protect the interests of the primary lender. A primary mortgage usually covers the cost of purchasing the home; however, if there is a secondary mortgage, the clause ensures that the primary lender retains the number one priority.
Understanding Subordination Clauses A 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.
The trustor. The borrower (trustor) benefits the most from a subordination clause since this makes it easier to obtain an additional loan on their property.
TL;DR: A subordination clause is a provision in a contract that prioritizes the repayment of liens on a title. Some lenders will use the subordination clause to ensure that they will have top priority when the borrower is making payments.
Subordinate Deed of Trust means the deeds of trust granted by Borrower to secure the obligation of Borrower to repay the Subordinate Loan.
A security deed (deed to secure debt) is the customary security instrument in Georgia. Georgia does not use a Deed of Trust. Two witnesses are required to witness the signature of the grantor for a security deed to be recorded.
A 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.