Rhode Island Subordination Agreement Subordinating Existing Mortgage to New Mortgage
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FAQ
Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.
Over time, as the homeowner makes good on their monthly payments, the home also tends to appreciate in value. Second mortgages are often riskier because the primary mortgage has priority and is paid first in the event of default.
Many people have a subordinate mortgage in the form of a home equity line of credit or home equity loan. A subordinate mortgage is secured by your property but sits in second position, if you have a primary mortgage, for getting paid in the event you default.
There are also situations where your first purchase loan can become subordinate by law or regulation, without your lender's agreement. Here are two examples: If you have a Federal tax lien for unpaid income taxes, this debt automatically becomes a primary lien ahead of your first mortgage.
Any subsequent loan that is taken out after your initial purchase loan is considered to be a junior-lien or subordinate mortgage. Therefore, subordinate financing is the use of two or more mortgages to finance the purchase of real estate or using your home's equity for liquid cash.
Many people have a subordinate mortgage in the form of a home equity line of credit or home equity loan. A subordinate mortgage is secured by your property but sits in second position, if you have a primary mortgage, for getting paid in the event you default.
Again, if you're refinancing your first mortgage and the property also has a subordinate mortgage, the refinancing lender will usually handle the process of getting the necessary subordination agreement. But you need to ensure that the required subordination agreement is completed before the new loan's closing date.
Getting A Second Mortgage A second mortgage will become a subordinate loan. If you repay the primary loan within the term of the second mortgage, the second mortgage can take its place as the primary loan.