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Subordination occurs when one creditor's claim on a real estate asset is ranked lower than another's, making it junior to the primary claim. This situation often arises during refinancing. The discussion begins with a timeline, marking the acquisition day as year zero, when senior debt is secured against the property. Claims on real estate are prioritized chronologically based on their recording date. If junior debt is added later, it remains subordinate to the senior debt. If the senior debt is refinanced, resulting in a new loan being placed on the property after the junior debt, this new debt becomes the primary loan.
