Oakland, Michigan is a county located in the southeastern part of the state. It is known for its vibrant communities, beautiful landscapes, and diverse economic opportunities. A Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal document that pertains to the hierarchy of liens on a property. In Oakland County, there are different types of Subordination of Liens based on specific purposes and circumstances. One type of Subordination of Lien commonly found in Oakland, Michigan is the Deed of Trust/Mortgage to Right of Way subordination. This type of subordination occurs when the property owner grants a right of way to an entity, such as a utility company or government agency, on their property. This right of way allows the entity to access the property for specific purposes, such as maintaining utility lines or constructing roadways. By subordinating a lien, the property owner agrees that the right of way takes precedence over any existing liens, including mortgages or deeds of trust. This means that if the property is sold or foreclosed upon, the right of way will still be in effect and will not be disturbed by the lien holder's claims. In addition to the Deed of Trust/Mortgage to Right of Way subordination, other types of Subordination of Liens that may be relevant in Oakland, Michigan include: 1. Tax Lien Subordination: This occurs when a property owner owes delinquent property taxes and needs to prioritize the payment of those taxes over other liens on the property. By subordinating the tax lien, the property owner ensures that the government has a higher priority claim on the property, increasing the chances of tax collection. 2. Construction Lien Subordination: In cases where a property owner wants to obtain additional financing for construction or renovation purposes, they may need to subordinate existing liens on the property to the construction lender. This safeguards the construction lender's interest in the property and allows for the smooth progression of the project. 3. Second Mortgage Subordination: When a property owner decides to take out a second mortgage or home equity loan, the existing first mortgage lender may require the subordination of their lien to the new lender. This gives the second mortgage lender priority in the event of default or foreclosure. The subordination of liens in Oakland, Michigan is governed by specific legal requirements and should be executed through a formal process involving the property owner, lien holder(s), and relevant legal professionals. It is important to consult with a real estate attorney or title company to ensure that the subordination is done correctly and in accordance with local laws and regulations.
Oakland Michigan Subordination of Lien (Deed of Trust/Mortgage to Right of Way)
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FAQ
What is a Subordinate Mortgage? Subordinate mortgages are loans that have a lower priority status than any other recorded liens (or debts) against a property. When you get the loan you need to purchase your home, this loan is typically recorded as the first repayment priority on your deed after closing.
Subordinate Deed of Trust means the deeds of trust granted by Borrower to secure the obligation of Borrower to repay the Subordinate Loan.
A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a trustee. The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.
Subordinate financing is debt financing that is ranked behind that held by secured lenders in terms of the order in which the debt is repaid. "Subordinate" financing implies that the debt ranks behind the first secured lender, and means that the secured lenders will be paid back before subordinate debt holders.
When a deed of trust is used as a security instrument, who holds the deed and the note? The trustee holds the deed, and the lender holds the note. Olivia took out a 15-year loan secured with a deed of trust.
A subordination agreement prioritizes collateralized debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.
A deed of trust involves three parties: a lender, a borrower, and a trustee. The lender gives the borrower money. In exchange, the borrower gives the lender one or more promissory notes. As security for the promissory notes, the borrower transfers a real property interest to a third-party trustee.
The lender holds the promissory note and the security instrument until the loan is repaid. a documentmortgage, deed of trust, security deed, or land contractthat is the evidence of the pledge of real estate as collateral for the loan. You just studied 107 terms!
When you take out a mortgage loan, the lender will likely include a subordination clause. Within this clause, the lender essentially states that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender in case you default.
Subordinate Liens Being "subordinate" means they can be paid only after more senior liens are released. In other words, if the mortgage lender has the primary lien, that lender must be paid in full before any subordinate liens are paid.
