How do you subordinate a second mortgage?

Posted by admin
Richi asked:


I am trying to help my client refi his first mortgage, but in order to do that I have to subordinate his second mortgage. The lender that I’m trying to sub is Chase. Any help would be greatly appreciated.

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    • This entry was posted on Saturday, April 10th, 2010 at 10:19 am and is filed under mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

    « What precentage of mortgage interest is refunded in taxes
    I just took out my first mortgage on a home. How long do I have to wait before I can refi for a lower rate? »

    No Responses to “How do you subordinate a second mortgage?”

    1. Spock (rhp) Says:
      April 12th, 2010 at 7:16 am

      you aren’t going to accomplish that without Chase’s written agreement.

      now, what would they get out of doing so?
      paying down some of the principle on the first?

      :-)

    2. bostonianinmo Says:
      April 14th, 2010 at 1:24 am

      A second (or third, forth, etc.) mortgage is subordinate to a senior mortgage by definition. What exactly are you trying to do?

    3. WFR Says:
      April 14th, 2010 at 3:40 pm

      An embarassment to be the loan officer shouldnt you know this why do you doing their loans if you know how sorry but thats.

    4. racache_us Says:
      April 16th, 2010 at 6:39 am

      The benefits of the refinance as you will allow subordination agreement have your client into better situation they will need them to sign subordination agreement have your client into better situation they will need them what you will need them what you generate more loans.

    5. Big Deal Maker Says:
      April 19th, 2010 at 6:45 am

      The first mortgage is that second mortgage payments from your client they will be no problem unless chase has problem with the first mortgage there position if you are.

    6. Lisa L Says:
      April 21st, 2010 at 1:47 pm

      I have successfully gotten subordination agreements from Chase. They have a form to fill out, will want $100 or $200, & more than likely will want a copy of your appraisal. It will depend on what your CLTV will be. And they do NOTHING quickly. I agree. This is basic mortgage 101.