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.
Indiana Subordination Agreement of Deed of Trust
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Multi-State
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US-00185
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How to fill out Subordination Agreement Of Deed Of Trust?
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FAQ
Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
A contractual subordination occurs where, by agreement between a debtor and a creditor, debts owed to the creditor are to rank below other debts of the debtor.
The new lender prepares the subordination agreement in conjunction with the subordinating lienholder. Then the parties typically sign the agreement. But in some cases, just the subordinating lender will need to sign the paperwork.
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.
An example is a trust document that includes a subordinate clause. This requires it to state that once the primary lien becomes active, a secondary lien becomes automatically subordinate. For instance, if a trust pays education funding as a first priority, the first lien is tuition.
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 must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.