Wake North Carolina Subordination of Lien

• Category: Oil Gas and Minerals - Subordination
• State: Multi-State
• County: Wake
• Control #: US-OG-1144
• Format: Word; Rich Text

Description

This form is a subordination of lien. Wake North Carolina Subordination of Lien is a legal process designed to modify the order of priority among existing liens on a property. This means that one lien will be placed ahead of another in terms of repayment priority when the property is sold or refinanced. It is important to note that a lien is a legal claim against a property to secure repayment of a debt or obligation. In Wake County, North Carolina, there are two main types of Subordination of Lien: 1. Voluntary Subordination: This occurs when the lien holder voluntarily agrees to lower the priority of their lien in favor of another lien. This usually happens when the property owner wants to refinance or take out a new loan and needs the existing lien to have a lower priority to secure the new one. For example, a bank may agree to subordinate their lien in favor of a new mortgage lender. 2. Involuntary Subordination: This type of subordination occurs through a legal process. In certain situations, such as when a property owner is unable to pay their debts and files for bankruptcy, a court may order the involuntary subordination of liens. This can happen to ensure that certain creditors are prioritized for repayment. The Wake North Carolina Subordination of Lien process typically involves filing the necessary documentation with the Wake County Register of Deeds or the Clerk of Court. These documents include a written agreement between the parties involved, stating the details of the subordination, such as the lien being subordinated, the lien being prioritized, and the reason for the subordination. Keywords: Wake North Carolina, Subordination of Lien, lien holder, repayment priority, property, refinanced, voluntary subordination, involuntary subordination, legal process, bankruptcy, court, creditors, documentation, agreement, Register of Deeds, Clerk of Court.

Wake North Carolina Subordination of Lien is a legal process designed to modify the order of priority among existing liens on a property. This means that one lien will be placed ahead of another in terms of repayment priority when the property is sold or refinanced. It is important to note that a lien is a legal claim against a property to secure repayment of a debt or obligation. In Wake County, North Carolina, there are two main types of Subordination of Lien: 1. Voluntary Subordination: This occurs when the lien holder voluntarily agrees to lower the priority of their lien in favor of another lien. This usually happens when the property owner wants to refinance or take out a new loan and needs the existing lien to have a lower priority to secure the new one. For example, a bank may agree to subordinate their lien in favor of a new mortgage lender. 2. Involuntary Subordination: This type of subordination occurs through a legal process. In certain situations, such as when a property owner is unable to pay their debts and files for bankruptcy, a court may order the involuntary subordination of liens. This can happen to ensure that certain creditors are prioritized for repayment. The Wake North Carolina Subordination of Lien process typically involves filing the necessary documentation with the Wake County Register of Deeds or the Clerk of Court. These documents include a written agreement between the parties involved, stating the details of the subordination, such as the lien being subordinated, the lien being prioritized, and the reason for the subordination. Keywords: Wake North Carolina, Subordination of Lien, lien holder, repayment priority, property, refinanced, voluntary subordination, involuntary subordination, legal process, bankruptcy, court, creditors, documentation, agreement, Register of Deeds, Clerk of Court.