(a) Agreement to Subordinate. Subordinate Lender agrees to extinguish and release its lien on any and all Mortgaged Property in the event Senior Lender, HUD, or a designee of either acquires title to the Mortgaged Property pursuant to a deed in lieu of foreclosure.Click to see full answer. Considering this, how do I subordinate a lien?Sometimes the priority of liens is controlled by a special agreement called a “subordination agreement.” In a subordination agreement, a prior lienholder agrees that its lien will be subordinate (junior) to a subsequently recorded lien.Additionally, what is a HUD Lien? HUD secures its repayment by placing a lien on your home, which you must pay in full when you pay the FHA loan off through a refinance, sale of the home, or when you convey ownership to someone else. HUD requires you to sign an interest-free promissory note for the partial claim amount. Correspondingly, what is a HUD subordinate mortgage? (a) Agreement to Subordinate. Subordinate Lender agrees to extinguish and release its lien on any and all Mortgaged Property in the event Senior Lender, HUD, or a designee of either acquires title to the Mortgaged Property pursuant to a deed in lieu of foreclosure.Can a HUD partial claim be forgiven?A partial claim is an interest-free loan from HUD to get caught up on overdue payments on an FHA loan, and is usually completed along with a loan modification. The partial claim does not need to be paid off until the property is sold or the first mortgage is paid off.
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