New Hampshire Subordination of Lien
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How to fill out Subordination Of Lien?
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FAQ
When you get a mortgage loan, the lender will likely include a subordination clause essentially stating that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender if a homeowner defaults.
Payment subordination establishes the hierarchy of interest and principal payments in case of default or liquidation. Senior debt is paid first, followed by junior debt. Lien subordination does not imply payment subordination. In the case of default, payments must continue to be made to all senior lenders equally.
For personal property, the creditor files the order of attachment with the New Hampshire Secretary of State. For real estate, the creditor files the order of attachment with the register of deeds in any New Hampshire county where the debtor has property now or may have property in the future.
Subordination agreements may be included in existing deeds of trust or may be outlined in an independent contract. In situations where two deeds of trust are being recorded concurrently, the lien priority is typically handled by instructing the title company as to which security instrument will be recorded first.
Lien subordination refers to the order in which claims on collateral are prioritized. This takes place most often among senior secured lenders and does not imply that one tranche of senior debt has payment preference over another.
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 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.
At the outset of discussions, counsel should identify whether the parties intend (1) ?debt subordination,? where the debt owing to one creditor is subordinated in right of payment to the debt owing to the other creditor or (2) ?lien subordination,? where each of the creditors is secured and the lien of one creditor has ...
