Ohio Subordination Agreement - Lien
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How to fill out Subordination Agreement - Lien?
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FAQ
A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset.
There are two ways to subordinate tranches of debt so that one tranche takes priority over the other. The first is called lien subordination, in which two forms of senior, equally ranked debt share the same collateral, but one is given priority over that collateral in case of liquidation.
Any subsequent loan that is taken out after your initial purchase loan is considered to be a junior-lien or subordinate mortgage. Therefore, subordinate financing is the use of two or more mortgages to finance the purchase of real estate or using your home's equity for liquid cash.
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.
8) Keep the original signed subordination agreement in your file to be given to your title agent to record AT THE SAME TIME they record the RIM easement. Do not record the mortgage subordination agreement ahead of easement recording.
A second mortgage is a lien taken out against a property that already has a home loan on it. A lien is a right to possess and seize property under specific circumstances. In other words, your lender has the right to take control of your home if you default on your loan.
Lien subordination takes place when two or more senior tranches of debt each have a lien on the collateral, but one tranche has first priority while the second has a residual claim.
A second mortgage will become a subordinate loan. If you repay the primary loan within the term of the second mortgage, the second mortgage can take its place as the primary loan.
