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How to Manage Subordination Agreement

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A subordination agreement is a recorded document that modifies the priority of mortgages in public records, adhering to the principle of "first in time, first in right." For instance, if a homeowner with a small balance mortgage from Bank of America (BoA) seeks a larger mortgage from Wells Fargo, BoA must relinquish its priority position. This is accomplished through a subordination agreement, typically a one-page document executed by BoA. Once recorded, this agreement legally elevates Wells Fargo's mortgage to first position, placing BoA's mortgage in second position.

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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.

Why do I have to pay a subordination fee?

Subordinations are, essentially, a way for a lender to ensure that their lien takes priority over any other liens a customer may have on their property. This process costs money, which is what you pay for in a subordination fee. This fee may apply to a mortgage refinance, depending on your circumstances.

What are the advantages of subordination?

Given these complications of refinancing, subordination agreements are relatively common practice in the lending industry. It benefits the homeowner by providing a lower interest on their property and also provides assurance to the primary lender that all debts will be repaid.

What is the point of a subordination?

Understanding Subordination Clauses A subordination clause serves to protect the lender if a homeowner defaults. If this happens, the lender then has the legal standing to repossess the home and cover their loans outstanding balance first.

What is a subordination agreement Example?

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.

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.

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.

What does it mean to subordinate a mortgage loan?

A mortgage subordination refers to the order the outstanding liens on your property get repaid if you stop making your mortgage payments. For example, your first home loan (primary mortgage) is repaid first, with any remaining funds paying off additional liens, including second mortgages, HELOCs and home equity loans.

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Manage Subordination Agreement