Cook Illinois Subordination of Lien (Deed of Trust/Mortgage) is a legal document that establishes the priority or ranking of multiple liens or mortgages on a property located in Cook County, Illinois. This document is commonly used in real estate transactions where there is a need to subordinate one lien or mortgage to another. The term "subordination" refers to the act of moving a lien or mortgage down in priority, allowing another lien or mortgage to take precedence over it. This process is typically done to facilitate the refinancing of a property or to allow for additional borrowing against the property. There are different types of Cook Illinois Subordination of Lien (Deed of Trust/Mortgage) based on the specific circumstances and parties involved in the transaction. Some of these variations include: 1. First Lien Subordination: This type of subordination occurs when the first-lien mortgage holder agrees to subordinate their position to a subsequent lien. This is common when a property owner wants to take out a second mortgage or refinance the existing mortgage. 2. Second Lien Subordination: In this scenario, a second-lien mortgage holder willingly agrees to subordinate their lien to a newly created first lien. This could be necessary when the property owner wants to refinance the first mortgage or obtain additional financing. 3. Intercreditor Agreement: An intercreditor agreement is a form of subordination that occurs between two or more mortgage lenders, typically when there are multiple mortgages on a property. This agreement establishes the priority of each lender's lien and specifies their rights and obligations in relation to one another. Cook Illinois Subordination of Lien (Deed of Trust/Mortgage) is an essential legal instrument that helps protect the interests of lenders and borrowers in real estate transactions. It ensures that the order of priority of liens is established and upheld, providing clarity and security to all parties involved. Keywords: Cook Illinois, subordination of lien, deed of trust, mortgage, Cook County, real estate transactions, priority, refinancing, borrowing, first lien, second lien, intercreditor agreement, mortgage lenders.
Cook Illinois Subordination of Lien (Deed of Trust/Mortgage)
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Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.
The title deeds to a property with a mortgage are usually kept by the mortgage lender. They will only be given to you once the mortgage has been paid in full. But, you can request copies of the deeds at any time.
Typically, homeowners can get a copy of their property deed by visiting their county deeds office. Cook County, Illinois' property records are easily searchable online through a property index number (known as a PIN) or a street address.
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.
IMPORTANT DOCUMENT RECORDING INFORMATION: ALL DOCUMENTS must be recorded at the Clerk's downtown offices at 118 N. Clark, Chicago, Room 120.
How do I obtain a copy of my deed or other recorded document? You can request a copy from our office in person, by mail, fax, phone or email. If your request is by phone or fax you will need to pay with a credit card. Please call our office at 847-377-2575 if you wish to place an order.
The lender of the first mortgage refinancing will now require that a subordination agreement be signed by the second mortgage lender to reposition it in top priority for debt repayment. The priority interests of each creditor are changed by agreement from what they would otherwise have become.
Step 1 Locate Your PIN: Your PIN is the 14-digit number found on your property tax bill from the County Treasurer. If you don't have this handy, you can look it up online by visiting either the Cook County Assessor's website or the Cook County Property Tax Portal and searching by address.
The Illinois quit claim deed form gives the new owner whatever interest the current owner has in the property when the deed is signed and delivered. It makes no promises about whether the current owner has clear title to the property.
What Is a Subordination Agreement? A subordination agreement is a legal document that establishes one debt as ranking behind another in priority for collecting repayment from a debtor. The priority of debts can become extremely important when a debtor defaults on payments or declares bankruptcy.
