Virginia Subordination of Lien refers to a legal process where the priority of one mortgage or deed of trust is modified to allow another debt or lien to take precedence. This process is commonly used in real estate transactions to secure the lender's interest. In Virginia, there are two main types of Subordination of Lien: 1) Subordination of Deed of Trust/Mortgage and 2) Intercreditor/Subordination Agreement. Subordination of Deed of Trust/Mortgage: This type of subordination occurs when a property owner intends to refinance their existing mortgage or obtain a new loan, but there is an existing deed of trust or mortgage against the property. To proceed with the refinancing or new loan, the property owner must obtain a subordination agreement from the existing lender, allowing the new lender to have superior priority. This ensures that the new mortgage or deed of trust takes precedence over the existing one. Intercreditor/Subordination Agreement: In certain cases, borrowers may have multiple loans against their property, such as a first mortgage, a second mortgage, or a home equity line of credit. In such scenarios, the lenders may require an intercreditor or subordination agreement, which allows for the ranking of their respective liens. This agreement ensures that each lender's interests are protected and established in a specific order, granting priority to one lender's lien over the other. Overall, the purpose of a Subordination of Lien in Virginia is to enable property owners to obtain new loans or refinance existing ones while safeguarding the rights and interests of the lenders involved. It is a legal mechanism that establishes the order of priority among multiple liens or mortgages on a property. Ensuring these agreements are properly executed is crucial for smooth real estate transactions and the protection of the lenders' investments.
Virginia Subordination of Lien (Deed of Trust/Mortgage)
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