This agreement allows one lien holder to subordinate its deed of trust to the lien of another lien holder. For valuable consideration, a particular deed of trust will at all times be prior and superior to the subordinate lien.
A Virginia Subordination Agreement of Deed of Trust is a legal document that establishes the priority of liens on a property. This agreement typically occurs when a property owner wants to refinance their existing mortgage or obtain a new loan while having an existing deed of trust recorded against the property. In Virginia, there are two main types of Subordination Agreement of Deed of Trust: 1. First Mortgage Subordination Agreement: This type of agreement is relevant when a property owner wishes to obtain a second mortgage or a home equity loan while keeping their existing first mortgage in place. The first mortgage lender agrees to subordinate their lien position, allowing the new lender to have a priority interest in the property. 2. Subordination of Junior Lien: When a property owner wants to refinance their first mortgage, but they also have a second or junior lien on the property, a Subordination Agreement of Deed of Trust is required. The junior lien holder agrees to subordinate their interest, allowing the new lender to replace the existing first mortgage lender as the primary lien holder. Keywords: Virginia, Subordination Agreement, Deed of Trust, legal document, priority of liens, property owner, refinance, mortgage, loan, first mortgage, second mortgage, home equity loan, lien position, first mortgage lender, priority interest, junior lien, refinance, junior lien holder.A Virginia Subordination Agreement of Deed of Trust is a legal document that establishes the priority of liens on a property. This agreement typically occurs when a property owner wants to refinance their existing mortgage or obtain a new loan while having an existing deed of trust recorded against the property. In Virginia, there are two main types of Subordination Agreement of Deed of Trust: 1. First Mortgage Subordination Agreement: This type of agreement is relevant when a property owner wishes to obtain a second mortgage or a home equity loan while keeping their existing first mortgage in place. The first mortgage lender agrees to subordinate their lien position, allowing the new lender to have a priority interest in the property. 2. Subordination of Junior Lien: When a property owner wants to refinance their first mortgage, but they also have a second or junior lien on the property, a Subordination Agreement of Deed of Trust is required. The junior lien holder agrees to subordinate their interest, allowing the new lender to replace the existing first mortgage lender as the primary lien holder. Keywords: Virginia, Subordination Agreement, Deed of Trust, legal document, priority of liens, property owner, refinance, mortgage, loan, first mortgage, second mortgage, home equity loan, lien position, first mortgage lender, priority interest, junior lien, refinance, junior lien holder.
