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How to Correct Subordination Agreement

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In this video tutorial from Campus Mortgage, the instructor discusses subordination agreements. A subordination agreement is a legal document that prioritizes one mortgage lien over another. For instance, if a borrower has a home equity line of credit (HELOC) and wants to refinance to consolidate debt while keeping the HELOC open, a subordination agreement is necessary. This document allows the new mortgage to take the first lien position, while the HELOC assumes the second lien position. The video concludes with a reminder to download the course catalog at campusmortgage.org.

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What are the three major types of subordination?

There are three different kinds of subordinate clauses: adverb clauses, adjective clauses, and noun clauses. Each of these clauses are introduced by certain words.

Who benefits from a subordination clause?

The party that primarily benefits from a subordination clause in real estate is the lender. However, if you decide to pursue a second mortgage, then the subordination clause prioritizes the first lenders repayment and contract rights. The most common application of subordination clauses is when refinancing a property.

Who signs the subordination agreement?

To adjust their priority, subordinate lienholders must sign subordination agreements making their loans lower in priority than the new lender. A subordination agreement puts the new lender into first position and reassigns an existing mortgage to second position or third position, and so on.

Who signs a subordination agreement?

The creditor usually will require the debtor to sign a subordination agreement which ensures they get paid before other creditors, ensuring they are not taking on high risks.

What does subordinated mean in legal terms?

Subordination is the act or process by which one person or creditors rights or claims are ranked below those of others, dealing with the distribution priority of debts between creditors.

Who prepares a subordination agreement?

Subordination agreements are prepared by your lender. The process occurs internally if you only have one lender. When your mortgage and home equity line or loan have different lenders, both financial institutions work together to draft the necessary paperwork.

What should be in a subordination agreement?

Subordination agreement is a contract which guarantees senior debt will be paid before other subordinated debt if the debtor becomes bankrupt.

What is a subordination agreement example?

Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.

What is an example of subordination in real estate?

The most common application of subordination clauses is when refinancing a property. Refinancing occurs when the original loan is paid in full, and a new loan provider structures the agreement under a new interest rate.

What is the purpose of a subordination agreement?

Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.

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Correct Subordination Agreement