Oregon Subordination of Lien refers to the legal process in which a creditor agrees to give up their priority position in the lien hierarchy to allow another creditor to move ahead of them. In the context of real estate, it typically involves a mortgage or a deed of trust. In Oregon, there are different types of Subordination of Lien, including: 1. Subordination of Mortgage: This is a voluntary agreement in which a mortgage holder agrees to give another mortgage or lien holder a higher priority position. This may occur when a homeowner wants to obtain a second mortgage or refinance but wants to keep the first mortgage intact. 2. Subordination of Deed of Trust: Similar to the above, this involves a deed of trust holder agreeing to reposition their lien lower in priority to accommodate another deed of trust holder. This is commonly seen in situations where a homeowner wants to take out a home equity line of credit or obtain a subordinate loan. 3. Intercreditor Subordination Agreement: This type of subordination occurs when there are multiple lien holders with different priorities competing against each other. The intercreditor agreement determines the order in which each creditor will be paid in the event of foreclosure or sale of the property. The process of Oregon Subordination of Lien involves several steps. First, the parties involved must negotiate and agree to the terms of subordination. This usually requires the consent of the senior lien holder, the junior lien holder, and the property owner. Once an agreement is reached, the subordination document is prepared and signed by all parties involved. To record the Subordination of Lien, the document must be submitted to the County Recorder's Office where the property is located. The document is then entered into public records, ensuring it is legally recognized. It is crucial to follow the necessary procedures and comply with all legal requirements to ensure the validity and enforceability of the subordination agreement. In summary, Oregon Subordination of Lien (Deed of Trust/Mortgage) allows for the rearrangement of lien priorities in real estate transactions. By understanding the different types of subordination and following the proper procedures, creditors, homeowners, and other parties can navigate the complexities of lien hierarchy and secure their respective interests.
Oregon Subordination of Lien (Deed of Trust/Mortgage)
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(8) "Trust deed" means a deed executed in conformity with ORS 86.705 to 86.815 that conveys an interest in real property to a trustee in trust to secure the performance of an obligation the grantor or other person named in the deed owes to a beneficiary.
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.
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...
Since Oregon is a tax deed state, that means the county seizes properties for nonpayment of property taxes and sells them at auction.
Virtually all voluntary liens secured by Oregon real estate are trust deeds and are therefore governed by the Oregon Trust Deed Act, ORS 86.705 ? 86.795, which has been in existence since 1959.
A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.
When a deed of trust/mortgage is paid in full, you can record a Full Reconveyance from the trustee stating publicly that the loan has been paid. The Full Reconveyance Form is completed and signed by the trustee, whose signature must be notarized.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
