Louisiana Subordination Agreement with no Reservation by Lienholder
Description
How to fill out Subordination Agreement With No Reservation By Lienholder?
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FAQ
A subordinate mortgage loan is any loan not in the first lien position. The subordination order goes by the order the loans were recorded. For example, your first mortgage (the mortgage used to buy the house) is recorded first because it's the first loan you borrow.
If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home. There are a number of options to satisfy the tax lien.
For example, if an individual purchases a vehicle, the seller would be paid using the borrowed funds from the bank. In turn, the bank would be granted a lien on the vehicle. If the borrower does not repay the loan, the bank may execute the lien, seize the vehicle, and sell it to repay the loan.
A lien refers to a legal claim against property that can be used as collateral to repay a debt. Depending on the type of debt owed, liens can be attached to real property, such as a home, or personal property, such as a car or furniture.
An intervening lien is what occurs when a borrower obtains a two-time close transaction that does not convert to a permanent and requires the closing of a second loan; and, therefore the recordation of a second Deed of Trust to payoff the construction loan.
A subordination agreement prioritizes debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.
