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How to White Out Subordination Agreement

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In this video tutorial from Campus Mortgage, the instructor explains subordination agreements. A subordination agreement is a legal document used to prioritize one mortgage lien over another. For instance, if a borrower has a home equity line of credit and wants to refinance to consolidate debt while keeping the line of credit open, a subordination agreement is necessary. This agreement places the new mortgage in the first lien position and the home equity line of credit in the second lien position. The video concludes with a reminder to download the course catalog at campusmortgage.org.

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Is a subordination agreement legally binding?

Save possibly in exceptional cases, the terms of a subordination agreement will have the following legal effect: the debt comes into existence or continues to exist (as the case may be), but its enforceability is made subject to the fulfilment of a condition.

Who benefits from a subordination clause?

Who Benefits from a Subordination Clause? A subordination clause is meant to protect the interests of the primary lender. A primary mortgage usually covers the cost of purchasing the home; however, if there is a secondary mortgage, the clause ensures that the primary lender retains the number one priority.

In which scenario would a lender most likely want a mortgage subordination agreement signed?

A. If a homeowner had two mortgages and wanted to refinance the first mortgage, the lender of the first mortgage would want the secondary mortgage holder to sign a mortgage subordination agreement to protect their place in line.

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.

Which would be an appropriate use of a subordination clause?

The most common application of subordination clauses is when refinancing a property. Refinancing occurs when the original loan is paid in full, and a new loan provider structures the agreement under a new interest rate.

What does a subordination agreement do?

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.

When would a subordination agreement be appropriate?

A subordination agreement is generally used when there are two mortgages and the mortgagor needs to refinance the first mortgage. It acknowledges that one partys interest or claim is superior to another in case the borrowers assets need to be liquidated to repay debts.

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.

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White Out Subordination Agreement