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How to Fill Out Subordination Agreement

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In this video tutorial, the instructor explains the concept of a subordination agreement. A subordination agreement is a legal document used to prioritize one mortgage lien over another. It is necessary when a borrower wants to refinance their home while maintaining an existing home equity line of credit (HELOC). In such cases, the agreement ensures that the new mortgage takes the first lien position, while the HELOC is placed in the second lien position. This clarification helps borrowers understand the importance of subordination agreements in mortgage refinancing. The video concludes with a reminder to download the course catalog at campusmortgage.org.

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Who provides 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 is an example of subordination in real estate?

Subordination is the process of ranking home loans (mortgage, HELOC or home equity loan) by order of importance. When you have a home equity line of credit, for example, you actually have two loans your mortgage and HELOC. Both are secured by the collateral in your home at the same time.

Which of the following is an example of a subordinate loan?

A good example of subordinated debt is when you have a first mortgage and a home equity loan. The first mortgage is the senior debt, meaning it gets paid first in the event of default, and the home equity loan is subordinate.

How long does a subordination agreement take?

Often, all the information needed will be available from your mortgage lender and the title company. The process usually takes approximately 25 business days.

What should be included in a subordination agreement?

Key Takeaways. A subordination agreement prioritizes collateralized debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.

What is an example of subordination agreement?

Example of a Subordination Agreement The business files for bankruptcy and its assets are liquidated at market value$900,000. The senior debtholders will be paid in full, and the remaining $230,000 will be distributed among the subordinated debtholders, typically for 50 cents on the dollar.

Can a lender refuse to subordinate?

All mortgages require lender approval to subordinate the loan and lenders are unlikely to agree to subordinate unless extraordinary circumstances are involved.

What is the purpose of a subordination agreement?

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

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.

How is subordination executed?

Subordination agreements are often executed when a homeowner refinances the first mortgage. Refinancing cancels the loan and writes a new one. These events happen simultaneously.

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