Subordination Agreement (Deed of Trust to Storage Agreement)
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FAQ
A subordination clause or subordination agreement is used to lower the priority of a first recorded deed of trust or mortgage in favor of a later or junior recorded deed of trust or mortgage.
A subordination agreement often comes up when a home has a first and a second mortgage, and the borrower wants to refinance the first mortgage. If you have two mortgages on your home and refinance the first loan, the refinancing lender might require a subordination agreement.
Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit.
The borrower (trustor) benefits the most from a subordination clause since this makes it easier to obtain an additional loan on their property. For example, the buyer of vacant land can obtain a construction loan more easily if the loan against the land will be subordinated to the construction loan.
The signed agreement must be acknowledged by a notary and recorded in the official records of the county to be enforceable.
Who Benefits from a Subordination Clause? A subordination clause is meant to protect the interests of the primary lender. A primary mortgage usually covers the cost of purchasing the home; however, if there is a secondary mortgage, the clause ensures that the primary lender retains the number one priority.
Subordination clauses are most commonly found in mortgage refinancing agreements. Consider a homeowner with a primary mortgage and a second mortgage. If the homeowner refinances his primary mortgage, this in effect means canceling the first mortgage and reissuing a new one.
A subordinate deed of trust occurs in a situation where a person has two deeds on a single property.This trustee holds the legal title to the property as security for a loan between a lender and a borrower.
