A Washington Subordination Agreement (also known as a subordination agreement and subordination of debt) is a legal contract between two or more parties that establishes the priority of debt payments. The agreement states that the lien holder (the party who holds the original debt) has priority over the subordinate party (the party who is taking out a second loan). There are four main types of Washington Subordination Agreements: 1. Mortgage subordination: This agreement is used when a borrower takes out a second loan or mortgage and the first loan must be subordinated in order to secure the second loan. 2. Tax lien subordination: This agreement is used when the IRS places a tax lien on property and the lien must be subordinated in order for the homeowner to receive a loan. 3. Judgment subordination: This agreement is used when a judgment has been placed against a property and the judgment must be subordinated in order for a loan to be taken out. 4. Lease subordination: This agreement is used when a leasehold estate is being created and the lease must be subordinated in order for the loan to be taken out.
Washington Subordination Agreement
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