Rhode Island Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal process that involves the subordination of a lien, specifically a deed of trust or mortgage, in relation to a right of way. This allows for the right of way to take priority over the lien in certain circumstances. In Rhode Island, there are different types of subordination of lien related to a right of way, including: 1. Voluntary Subordination: This type of subordination occurs when the lien holder voluntarily agrees to subordinate their lien to the right of way. It is typically used when there is a need for construction or maintenance of the right of way to proceed, and the lien holder agrees that the right of way holder should have priority. 2. Involuntary Subordination: In this case, the subordination of lien to the right of way is required by a court or other regulatory authority. It may be ordered when it serves the public interest or benefits a specific project that requires the use of the right of way. 3. Partial Subordination: This type of subordination allows for only a portion of the lien to be subordinate to the right of way, while the remaining portion retains its priority. It is commonly used when there is a need to secure financing for a project using the right of way without jeopardizing the entire lien. The subordination of lien in Rhode Island is a complex legal process that requires careful consideration and documentation. It is important to consult with an experienced real estate attorney to navigate the intricacies of the subordination process to ensure compliance with Rhode Island laws and regulations. Keywords: Rhode Island, subordination of lien, deed of trust, mortgage, right of way, voluntary subordination, involuntary subordination, partial subordination, real estate attorney, Rhode Island laws.
Rhode Island Subordination of Lien (Deed of Trust/Mortgage to Right of Way)
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That second mortgage is called a "subordinate lien" or "subordinate mortgage." The ranking order (first, second, third, etc.) of the mortgages and other liens is called "priority."
A subordination clause is where a first and second mortgage will switch places. In other words, the first becomes a second, a second becomes a first. Subordination means to take a lesser position, so someone in the first position would agree to subordinate and become a second lien holder.
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 is the act of yielding priority.
A mortgage subordination refers to the order the outstanding liens on your property get repaid if you stop making your mortgage payments. For example, your first home loan (primary mortgage) is repaid first, with any remaining funds paying off additional liens, including second mortgages, HELOCs and home equity loans.
A mortgage subordination refers to the order the outstanding liens on your property get repaid if you stop making your mortgage payments. For example, your first home loan (primary mortgage) is repaid first, with any remaining funds paying off additional liens, including second mortgages, HELOCs and home equity loans.
Subordination agreements ensure that a primary lender will be paid in the event the borrower takes on more debt. As with most legal documents, subordination agreements need to be notarized in order to be official in the eyes of the law.
Definition and Example of a Subordination Clause For instance, say you buy a home with a mortgage. Later, you add a home equity line of credit (HELOC). Due to a subordination clause likely located in your original mortgage contract, your first mortgage ranks as the first priority or lien.
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.
