New Mexico Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal process that allows for the prioritization of liens or mortgages when a right of way is granted on a property. This subordination ensures that the right of way takes precedence over the existing liens and mortgages on the property. In New Mexico, there are two main types of Subordination of Lien (Deed of Trust/Mortgage to Right of Way), which are: 1. Voluntary Subordination: This type of subordination occurs when the property owner willingly agrees to subordinate their existing liens or mortgages to the right of way. It is usually done to facilitate the construction or maintenance of a road, driveway, or utility access across the property. The property owner signs a voluntary subordination agreement, which outlines the terms and conditions of the subordination. 2. Involuntary Subordination: In some cases, when a right of way is necessary for public infrastructure or utility projects, the property owner may be required to involuntarily subordinate their liens or mortgages. This type of subordination is typically initiated by the governing authority or entity responsible for the project. The property owner may be compensated for the subordination, and the terms are generally outlined in a written agreement. The purpose of the New Mexico Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is to ensure that the right of way remains unencumbered by existing liens or mortgages, allowing for the seamless development, maintenance, or access to the property. This process protects the rights of both the property owner and the entity requiring the right of way. It's important to note that the subordination of liens or mortgages is a legal process that requires the involvement and consent of all relevant parties. Additionally, it is crucial to consult with a qualified attorney or legal professional to ensure compliance with New Mexico state laws and regulations. In summary, the New Mexico Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal mechanism used to prioritize a right of way over existing liens or mortgages on a property. Whether voluntary or involuntary, this process helps facilitate the development and maintenance of infrastructure projects while protecting the rights of property owners.
New Mexico Subordination of Lien (Deed of Trust/Mortgage to Right of Way)
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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.
Subordination agreements ensure that a primary lender will be paid in the event the borrower takes on more debt. As with most legal documents, subordination agreements need to be notarized in order to be official in the eyes of the law.
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.
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."
This Security Instrument secures to Lender (i) the. repayment of the Loan, and all renewals, extensions, and modifications of the Note, and (ii) the performance. of Borrower's covenants and agreements under this Security Instrument and the Note.
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.
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.
??Lien Subordination occurs when the Department of Revenue allows its lien to take a lower priority than someone else's lien. Lien Subordination is made at the discretion of the Department of Revenue.
