An Illinois Subordination Agreement, also known as a Deed of Trust, is a legal document commonly used in real estate transactions to establish the priority of different parties' rights in relation to a property. It helps regulate the order in which debts or liens are paid off in case of foreclosure or sale of the property. In Illinois, there are primarily two types of Subordination Agreements: 1. General Subordination Agreement: A general Subordination Agreement in Illinois allows an existing lender or lien holder to agree to subordinate their claim against a property to a new lender or lien holder. By doing so, the existing lender agrees to allow the new lender to take priority and be first in line to claim the proceeds from the sale of the property or in case of foreclosure. This type of agreement is typically used when a homeowner wants to refinance their mortgage with a new lender or take out a home equity loan. 2. Intercreditor Subordination Agreement: An intercreditor Subordination Agreement is commonly used when there are multiple lenders involved in a real estate transaction, such as a first mortgage lender and a second mortgage lender. This agreement establishes the priority or seniority of the lenders' claims against the property. It determines the order in which the lenders will be repaid in case of foreclosure or sale of the property. This type of agreement is especially important to protect the rights of each lender involved and ensures a smooth resolution in case of default. Keywords: Illinois, Subordination Agreement, Deed of Trust, real estate transactions, priority, foreclosure, sale of property, debts, liens, existing lender, new lender, homeowner, mortgage, refinance, home equity loan, multiple lenders, first mortgage lender, second mortgage lender, intercreditor agreement, seniority, default.
Illinois Subordination Agreement (Deed of Trust)
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