The New Hampshire Subordination of Lien (Deed of Trust/Mortgage to Right of Way) refers to a legal process in which a lien holder agrees to subordinate their lien to the right of way. This allows for the prioritization of the right of way over the existing lien, ensuring smooth land use and development. Let's explore the various types of subordination of lien in New Hampshire: 1. General Subordination of Lien: This type of subordination applies to a lien holder who willingly agrees to subordinate their lien to the right of way. By doing so, they acknowledge that the right of way holds priority over their lien when it comes to land usage or development. 2. Construction Loan Subordination: In this scenario, a construction loan is involved, typically used to finance the creation or improvement of a property. The construction loan lien holder agrees to subordinate their lien to the right of way, understanding that the right of way has priority over the construction loan lien. 3. Mortgage Subordination: When a mortgage is placed on a property, the mortgage lender holds a lien against it. In the case of a subordination to the right of way, the mortgage lender agrees to lower the priority of their lien to allow for the right of way's importance in land access. This ensures that any future development or easement issues involving the right of way can be resolved smoothly. 4. Deed of Trust Subordination: A deed of trust is similar to a mortgage and is commonly used in New Hampshire. Just like a mortgage, the lien holder of a deed of trust can agree to subordinate their lien to the right of way to maintain the right of way's importance in land usage. It is essential to note that subordination of lien (deed of trust/mortgage to right of way) in New Hampshire requires the consent of all involved parties. This consent is usually documented in a legal agreement, ensuring clarity and protection for all parties involved. In summary, the New Hampshire Subordination of Lien (Deed of Trust/Mortgage to Right of Way) encompasses several types of subordination agreements such as general subordination, construction loan subordination, mortgage subordination, and deed of trust subordination. These agreements facilitate the smooth functioning of land use and development by appropriately prioritizing the right of way over existing liens.
New Hampshire Subordination of Lien (Deed of Trust/Mortgage to Right of Way)
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Subordination is the process of ranking home loans (mortgage, HELOC or home equity loan) by order of importance. When you have a home equity line of credit, for example, you actually have two loans ? your mortgage and HELOC. Both are secured by the collateral in your home at the same time.
Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.
A mortgage subordination refers to the order the outstanding liens on your property get repaid if you stop making your mortgage payments. For example, your first home loan (primary mortgage) is repaid first, with any remaining funds paying off additional liens, including second mortgages, HELOCs and home equity loans.
Many people have a subordinate mortgage in the form of a home equity line of credit or home equity loan. A subordinate mortgage is secured by your property but sits in second position, if you have a primary mortgage, for getting paid in the event you default.
A subordinated loan is debt that's only paid off after all primary loans are paid off, if there's any money left. It's also known as subordinated debt, junior debt or a junior security, while primary loans are also known as senior or unsubordinated debt.
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.
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.
That second mortgage is called a "subordinate lien" or "subordinate mortgage." The ranking order (first, second, third, etc.) of the mortgages and other liens is called "priority."
