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Subordination refers to the process where one creditor's claim to a real estate asset is ranked below another's. This commonly occurs during refinancing. In a timeline scenario, senior debt is established on a property at acquisition, with its claim prioritized based on when it was recorded. When junior debt is added later, it becomes subordinate to the senior debt. If the senior debt is refinanced and a new loan is established after the junior debt, the previous claims are affected. Thus, understanding the chronological order of claims is crucial in real estate financing, especially when modifications like refinancing are involved.
