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subordination agreement |
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subordination agreement n. a written contract in which a lender who has secured a loan by a mortgage or deed of trust agrees with the property owner to subordinate the first loan to a new loan (thus giving the new loan priority in any foreclosure or payoff). The agreement must be acknowledged by a notary so it can be recorded in the official county records. (See: subordination) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The subordination agreement simply states that it is "junior" to the senior debt. Therefore, if a mortgage exists, the property owner (or one's legal counsel) must submit a mortgage subordination agreement, with a copy of the conservation easement deed, to each mortgage lender for its approval. It would refinance only if Lim could get a subordination agreement with DeBerard, which kept the seller's position behind the mortgage company. |
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