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To transfer allegiance or do homage to a new lord. Collins English Dictionary. Copyright © HarperCollins Publishers. Derived forms. attornment (at02c8tornment)
An attornment occurs when the title to an immovable property is transferred from the hands of one lessor to another. In such cases, the existing lessor will usually send a letter of attornment to the lessee notifying him of such sale and request him to make all further lease payments directly to the new lessor.
Put simply, a subordination agreement is a legal agreement which establishes one debt as ranking behind another debt in the priority for collecting repayment from a debtor.
Essentially, consideration is what must be given up by each party when making an agreement. It may be means of doing or not doing an act or simply promising to do or not do an act. It's a benefit to one party and a detriment to the other party.
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.