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.
Iowa 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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FAQ
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
A "subordination agreement" is a contract to prioritize one debt over another for repayment. The agreement establishes that one party's claim is superior to another party's interest. Subordination agreements happen all the time in mortgage refinancing transactions.
A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset. It is commonly used in the context of real estate transactions, but can also be applied to other types of assets.
A subordination clause is where a first and second mortgage will switch places. In other words, the first becomes a second, a second becomes a first. Subordination means to take a lesser position, so someone in the first position would agree to subordinate and become a second lien holder.
558.31 Proof of execution and delivery in lieu of acknowledgment.
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.