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What is a subordination on a 2nd mortgage?

Subordination is the process of ranking home loans (mortgage, HELOC or home equity loan) by order of importance. When you have a home equity line of credit, for example, you actually have two loans your mortgage and HELOC. Both are secured by the collateral in your home at the same time.

Can a second mortgage be modified?

Yes, it is possible to get a second loan modification though statistically its obvious that you are less likely to get a second modification if youve had a first, and a third if you were lucky enough to get a second.

What is a subordination agreement in mortgage?

A subordination agreement prioritizes collateralized debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.

Can you subordinate a second mortgage?

A second mortgage will become a subordinate loan. If you repay the primary loan within the term of the second mortgage, then the second mortgage can take its place as the primary loan.

Can you negotiate a second mortgage?

Second mortgage lenders are often willing to negotiate lump-sum payments of docHubly less than the total amount due in order to avoid default and foreclosure. Depending on your circumstances, a mortgage settlement may be your best path forward.

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