A Guam Subordination Agreement — Lien is a legal document signed by the parties involved, typically a lender and a borrower, that outlines the order of priority in which their liens or claims against a property will be satisfied in the event of a default or foreclosure. This agreement allows a lender to maintain their position as the primary lien holder or to subordinate their lien to another party's claim. In Guam, there are two main types of Subordination Agreements — Liens: 1. First Lien Subordination Agreement: This type of agreement is commonly used when a borrower wants to refinance or take out a new mortgage on a property that already has an existing lien in place. By obtaining a first lien subordination agreement, the borrower can ensure that their new loan will be given priority over the existing lien, allowing them to proceed with the new financing. 2. Second Lien Subordination Agreement: In cases where there are multiple liens on a property, a second lien subordination agreement may be required. This agreement allows a second lien holder to acknowledge the priority of the first lien and agree to subordinate their claim to the first lien holder. This is often necessary to secure financing with the second lien in place, as the primary lender must have priority in the event of default or foreclosure. Keywords: Guam, Subordination Agreement, Lien, priority, default, foreclosure, lender, borrower, refinancing, mortgage, first lien, second lien, lien holder, claim, financing.
Guam Subordination Agreement - Lien
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