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.
Massachusetts Subordination Agreement of Deed of Trust
State:
Multi-State
Control #:
US-00185
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Word;
Rich Text
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How to fill out Subordination Agreement Of Deed Of Trust?
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FAQ
A Subordination Agreement focuses on creditor priorities and security claims, providing legal certainty to creditors when assessing repayment risk. If a credit event (or default) occurs, a subordination agreement provides a senior lender superior repayment rights than the subordinated lender.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
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.
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.
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.
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.
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.
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.