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Subordination occurs when one creditor's claim to a real estate asset is made junior to another creditor's claim, commonly seen in refinancing scenarios. In this example, a timeline is presented, starting with the acquisition date when senior debt is placed on the property. Claims to real estate are prioritized based on the chronological order of their recording on the title. When junior debt is added after senior debt, it remains subordinate. However, if the senior debt is refinanced and a new loan is placed after the junior debt, the new senior debt will take precedence over the existing junior debt, altering the hierarchy of claims on the property.
