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A subordination agreement is a recorded document that allows the transfer of mortgage priority within public records. Mortgages are ranked by priority based on time, with the earliest mortgage having the first right. In the example provided, Bank of America would need to surrender its priority position to Wells Fargo if the homeowner wants to obtain a larger mortgage. This is done through a one-page subordination agreement that, once recorded, legally prioritizes the new Wells Fargo mortgage and moves Bank of America to second position.
