Send Subordination Agreement via Fax

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Aug 6th, 2022
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How to Send Subordination Agreement via Fax

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A subordination agreement is a recorded document that allows a transfer of mortgage priority in public records. Mortgages are ranked by priority, typically "first in time, first in right." For instance, if a homeowner has a small balance first mortgage with Bank of America (BOA) and wants to obtain a larger mortgage from Wells Fargo, BOA must agree to relinquish its priority position. This is accomplished through a subordination agreement, which is a one-page document executed by BOA. Once recorded, this agreement grants legal priority to the new Wells Fargo mortgage, moving BOA to the second position.

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Application for Certificate of Subordination of Federal Tax Lien. Page 1. Form 14134.
First, you must fill out the IRS form 14134, Application for Certificate of Subordination of Federal Tax Lien. To complete the form, you will need to decide between two options for subordination: Pay the IRS an amount equal to the lien or interest they are subordinating.
2. Mail the completed Form 14134 and the appropriate attachments to: IRS Advisory Consolidated Receipts 7940 Kentucky Drive, Stop 2850F Florence, KY 41042 (Refer to Publication 4235, Collection Advisory Group Addresses, for additional contact information.)
The signed agreement must be acknowledged by a notary and recorded in the official records of the county to be enforceable.
You need to submit form 14135, Application for Certificate of Discharge of Property from Federal Tax Lien at least 45 days before the sale or settlement meeting. Publication 783 provides the instructions for completing form 14135. You will need to describe the property, its appraised value, and other information.
The document used to release a lien is Form 668(Z),Certificate of Release of Federal Tax Lien.
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.
Should there be an unpaid balance on your liability, you must pay the balance with guaranteed funds for the Certificate of Release to be immediately issued. Guaranteed funds include a certified check, cashiers check, official bank check, or an acceptable money order (such as a postal or bank money order).

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