Colorado Subordination of Lien is a legal process that allows a creditor to lower the priority of their lien on a property in favor of another creditor. This means that the creditor voluntarily agrees to have their lien placed in a lower position compared to another creditor's lien. The purpose of subordination is typically to allow the new creditor to have a higher priority in receiving proceeds from the sale or refinance of the property. Subordination of lien is commonly used when a property owner wants to obtain additional financing, such as a second mortgage or a home equity line of credit (HELOT). By subordinating their lien, the original creditor acknowledges that in the event of foreclosure or sale, the new creditor's lien will be paid off first from the proceeds before their own lien is satisfied. In Colorado, there are two main types of subordination of lien: 1. Intercreditor Agreement: This type of subordination occurs between two or more creditors who have a lien on the same property. They negotiate an agreement that determines the priority and order in which their liens will be paid. 2. Subordinate Lien Agreement: This type of subordination involves a property owner and a single creditor. The property owner applies for additional financing and the existing creditor agrees to subordinate their lien to the new loan. This agreement protects the new creditor's interest in the property. Keywords: Colorado, subordination of lien, creditor, priority, property, financing, second mortgage, home equity line of credit (HELOT), foreclosure, sale, intercreditor agreement, subordinate lien agreement.
Colorado Subordination of Lien
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