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A subordination agreement is usually used to gain consent from one lien holder to take a junior position to another lien holder. It isn't by itself a mortgage or a lien.
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Can you refinance a second loan only and not the first?
Yes, but the holder of the second has to agree to it. Its called subordination. Normally when a first mortgage is paid off the second moves into the first position unless the holder agrees to "subordinate" the second. Yes, you can leave the second alone but the second mortgage company will have to allow it by signing a subordination agreement. Basically, a subordination agreement is an instrument that allows a first lien or interest to be paid off and allows another first mortgage company to come in and be the first priority lien holder.
How did first mortgage become 2nd with new loan?
A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.
If you pay someones mortgage payments can you place a lien on the deed?
If you pay someone's mortgage you can place a lien on the property only if you have stated that condition in a properly drafted written agreement signed by both parties. If there is no agreement then you are a volunteer and have no legal standing to place a lien on the property.
Is the Cross Collateral Agreement considered a lien on real property in addition to the original mortgage lien and must be released or satisfied upon payment of one of the mortgage loans?
Researching how cross collateral agreements affect our lien we have an asset to or for the investor we are servicing.
In the absence of an agreement to the contrary what type of mortgage will have priority?
In the absence of any recorded subordination agreements mortgages take seniority in the order by which they were recorded in the land records.
Can you refinance a first mortgage without paying off an existing home equity line of credit?
Typically you can refinance the a Primary Mortgage without refinancing the second line of credit or equity loan. It will require a subordinaion agreement by the lien holder of the line of credit. They will require several documents from new Primary Mortgage Holder to be. They will need things like a copy of the appraisal, application for the loan etc... They will most likely require a payment to process the agreement usually around 100-200 dollars. The subordination agreement usually takes about 2 weeks to complete with most lenders. Loan to Value will be a concern for this.
You paid a multiple mortgage payments for a friend directly from you to the lender can you lien the property?
For evidence you would need a written, signed agreement (or promissory note) stating that your friend would reimburse you for any mortgage payments you made on their behalf and the agreement would need to recite a date the reimbursement was to be due. You would need to sue your friend for non-performance and obtain a judgment lien. You could record the lien in the land records and it would become a junior lien to the mortgage. If you had no written agreement you could still try to sue but the court may consider you to be a volunteer and would not issue a judgment in your favor.
When a mortgage is forclosed with federal tax lien does the lien get paid prior to mortgage?
yes
Can an Home owners association put a lien on your property even while you are making payments?
You are not clear about who you're making payments to: the mortgage company for your mortgage, or to the association to pay assessments that are in arrears. If you mean payments to make up arrears, and the association filed a lien on your title, review the agreement that you made with them about making payments. It's possible that filing a lien is part of your agreement in some way. Or, that the association has filed a lien against you in error. If you mean payments to pay your mortgage, and you are not paying your assessments, your association filed a lien to collect monies that you owe in past-due assessments. (You have to pay both: mortgage and assessments.) If your assessments are up to date, check with the board to better understand why a lien has been filed by the association on your title.
What is the difference between a first lien and second lien mortgage underwriting process?
A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,
Who can you transfer your home title to?
With a quit claim and the agreement of your mortgage company, you can transfer your home title to anyone. However, if you are carrying the mortgage, there needs to be lien on the title until the loan is paid in full.
I have a lien on my condo but want to remortgage?
Your mortgage lender is the person who can tell you how to proceed. Generally, a lender will require that you pay the debt and remove the lien before a new financial agreement can be made based on the property.
