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How to Protect Subordination Agreement

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In this video, Walt Boutin explains the Subordination and Non-Disturbance Agreement (SNDA) in leases. The SNDA allows tenants to subordinate their lease to any financing, ensuring that, in the event of foreclosure, their lease remains honored. This means tenants won't be kicked out or face rent increases as long as they agree to subordinate. The agreement also requires tenants to respect the landlord's rights, ensuring mutual honor of the lease. While smaller tenants might struggle to obtain an SNDA, larger tenants or those making significant property investments are encouraged to seek this agreement for added protection in case of foreclosure.

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Why would you subordinate a loan?

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. If other subordinate mortgages are involved, the secondary liens will take a backseat in this process.

What is the risk of subordination?

Subordination means increased risk for the subordinated lender since it will have less access to the borrowers assets than senior lenders. Lenders may accept this risk if they are compensated for doing so. Consequently, interest rates on subordinated debt are higher than on senior debt.

What is an example of subordinate mortgage?

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.

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 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.

Can a lender refuse to subordinate?

The willingness of a lender to grant a subordination request depends on the lenders internal policies and the priority of the loan relative to other loans. All mortgages require lender approval to subordinate the loan and lenders are unlikely to agree to subordinate unless extraordinary circumstances are involved.

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 are the advantages of subordination agreement?

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.

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