An Oregon Subordination Agreement — Lien is a legal document that establishes the priority of liens on a property. This agreement enables a creditor to surrogate their lien position to another creditor, allowing the latter to move ahead in terms of collecting on their debt in case of foreclosure or liquidation of the property. The purpose of a Subordination Agreement — Lien in Oregon is to provide clarity and establish a hierarchy among multiple liens on a property. It helps protect the interests of creditors by determining the order in which they can collect their debts when a property is sold or refinanced. This document is crucial for lenders, borrowers, and other parties involved in real estate transactions to understand and safeguard their respective rights and priorities. There are various types of Oregon Subordination Agreement — Lien that cater to different situations and scenarios. Some common types include: 1. First Mortgage Subordination Agreement: This agreement allows a second mortgage or lien holder to surpass the first mortgage position temporarily, giving priority and allowing the second mortgage to be paid first in certain circumstances. 2. Second Mortgage Subordination Agreement: This agreement allows a third mortgage or lien holder to surpass the second mortgage position temporarily, providing priority for the third mortgage or lien holder. 3. Home Equity Line of Credit (HELOT) Subordination Agreement: This agreement is specific to situations where a homeowner has an existing home equity line of credit. It enables the creditor of the HELOT to agree to a subordination arrangement with a subsequent lender, allowing the later creditor to move ahead in priority. 4. Subordination Agreement for Mechanics Liens: In some cases, contractors or suppliers who have filed mechanics liens on a property might agree to subordination. This allows other creditors, such as mortgage lenders, to gain priority and be paid first in the event the property is sold. 5. Subordination Agreement for Judgment Liens: Judgment liens are generally placed on a property when a creditor successfully wins a lawsuit against the property owner. A subordination agreement in this context enables other creditors to take precedence over the judgment lien, thereby reordering the priority of repayment. Overall, the Oregon Subordination Agreement — Lien is an important legal instrument that provides clarity in determining the priority of liens on a property. Whether it be first mortgage, second mortgage, HELOT, mechanics liens, or judgment liens subordination, these agreements play a vital role in safeguarding the interests of creditors and borrowers involved in real estate transactions in Oregon.
Oregon Subordination Agreement - Lien
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A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset.
Statute of Limitation on Tax Collection However, the statute of 10 years limitation on judgment liens begins to run on a tax lien as soon as the tax warrant is filed pursuant to ORS 314.430. Such lien may be renewed by court order without loss of priority.
Property owners can be forced to pay the lien holder (the person claiming the lien) or face a potential court order to sell the property for payment. Property owners can be liable if the general contractor does not pay subcontractors, employees, materials suppliers, and equipment rental companies.
A lien that has priority over another lien is called a "superior" lien. A low-priority lien is called a "junior" lien. If a home has more than one lien, priority determines the lienholders' rights following a foreclosure sale.
Tax liens are involuntary and occur when a homeowner does not pay their federal, state, or local taxes. If this happens, a tax lien is placed against your property. This lien takes priority over all other liens and stays there until the debt is completely paid.
Liens generally follow the "first in time, first in right" rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
No lien for materials or supplies shall have priority over any recorded mortgage or trust deed on either the land or improvement unless the person furnishing the material or supplies, not later than eight days, not including Saturdays, Sundays and other holidays as defined in ORS 187.010 (Legal holidays), after the ...
Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.