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Subordination occurs when one creditor's claim to a real estate asset is made junior to another's, which is common during refinancing. The timeline starts at the acquisition, marked by the placement of senior debt on the property. Claims on real estate are prioritized chronologically based on when they are recorded on the title. When junior debt is added after senior debt, it becomes subordinate. If the senior debt later refinances and a new loan is placed after the junior debt, the junior debt remains subordinate to the new senior debt. The order of claims is crucial in determining the priority of repayment in the event of default.
