Indiana Subordination of Lien
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How to fill out Subordination Of Lien?
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FAQ
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. Subordination is the act of yielding priority.
A judgment lien is created automatically on the debtor's property if the property is located in the Indiana county where the judgment is handed down. For debtor property in another Indiana county, the creditor files a copy of the judgment with the circuit court clerk for that county.
Subordination agreements are prepared by your lender. The process occurs internally if you only have one lender. When your mortgage and home equity line or loan have different lenders, both financial institutions work together to draft the necessary paperwork.
Indiana Liens and Limitations NATURE OF LIENCITATIONMunicipal Ordinance Violation Lien36-1-6-2Old Age, Blind, Disabled Assistance Lien12-14-16-1, 2, 3Plats of City Lots, Lien for Expenses (plat and survey)36-7-3-9Restitution Lien (Criminal Proceedings)35-50-5-32 more rows
Involuntary Lien: A lien imposed against property without consent of the owner. Taxes, special assessments, federal income tax liens, and State tax liens are examples of involuntary liens.
To adjust their priority, subordinate lienholders must sign subordination agreements, making their loans lower in priority than the new lender. A subordination agreement puts the new lender into first position and reassigns an existing mortgage to second position or third position, and so on.
To file a lien, the claimant must provide a sworn statement and notice of intent to hold a lien on the property to the recorder's office in the county where the property is located. Within 60 days (90 days for non-residential projects) from the date that services and labor were provided, the lien must be filed.
All final judgments constitute a lien upon real estate, subject to execution for 10 years. Ind. Code § 34-55-9-2.
