Montana Subordination of Lien (Deed of Trust/Mortgage to Right of Way) In Montana, a Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal document that allows for the prioritization of a right of way over a mortgage or deed of trust lien on real property. This subordination agreement ensures that the right of way takes precedence and is not affected by the mortgage or deed of trust. Keywords: Montana, Subordination of Lien, Deed of Trust, Mortgage, Right of Way, legal document, prioritization, real property, subordination agreement. Types of Montana Subordination of Lien (Deed of Trust/Mortgage to Right of Way): 1. Montana Subordination of Mortgage to Right of Way: This type of subordination agreement involves a mortgage lien on a property being subordinate to a right of way. It ensures that the right of way takes priority over the mortgage in terms of access and usage. 2. Montana Subordination of Deed of Trust to Right of Way: In this scenario, a deed of trust lien on a property is subordinated to a right of way. This agreement ensures that the right of way remains unaffected by the deed of trust and takes precedence in terms of its usage and access. 3. Montana Subordination of Lien (Deed of Trust/Mortgage to Public Right of Way): This type of subordination agreement is specifically related to a public right of way. It allows for the prioritization of the public right of way over any existing mortgage or deed of trust lien on the property, ensuring unobstructed access. 4. Montana Subordination of Lien (Deed of Trust/Mortgage to Private Right of Way): Similar to the previous type, this subordination agreement focuses on a private right of way. It ensures that the private right of way takes priority over any mortgage or deed of trust lien, guaranteeing unimpeded access for the parties involved. When entering into a Montana Subordination of Lien (Deed of Trust/Mortgage to Right of Way) agreement, it is crucial to consult with a qualified attorney who specializes in real estate law. This will help ensure that the agreement is properly drafted, meets all legal requirements, and protects the interests of both parties involved. Note: It is always advised to seek professional legal advice and clarification regarding the specific subordination agreement relevant to your situation, as state laws can vary and have different specific requirements.
Montana Subordination of Lien (Deed of Trust/Mortgage to Right of Way)
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The order of subordination is determined based on the type of loan against your property. If you only have one home mortgage and no other liens, you'll find that mortgage subordination won't come into play until you have more than one lien on your home.
Since it's recorded after any HELOCs or second mortgages you already have in place, the first mortgage would naturally take a lower lien position. Most lenders won't allow this, so this could cause you to lose your loan approval if the second mortgage holder won't agree to subordinate.
A subordination agreement prioritizes debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.
A subordination clause serves to protect the lender if a homeowner defaults. If this happens, the lender then has the legal standing to repossess the home and cover their loan's outstanding balance first. If other subordinate mortgages are involved, the secondary liens will take a backseat in this process.
A lien is a claim against your property. Generally, there are voluntary mortgage liens, such as mortgages you take out, and involuntary liens, like judgment, tax, HOA, and mechanic's liens. A subordinate lien is a claim against your property that usually can only be paid after the primary lien has been paid.
A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future.
Subordination agreements may be included in existing deeds of trust or may be outlined in an independent contract. In situations where two deeds of trust are being recorded concurrently, the lien priority is typically handled by instructing the title company as to which security instrument will be recorded first.
Subordination is the process of ranking home loans (mortgage, HELOC or home equity loan) by order of importance. When you have a home equity line of credit, for example, you actually have two loans ? your mortgage and HELOC. Both are secured by the collateral in your home at the same time.
