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An example of subordination is when there are two mortgages on the property. The second mortgage is subordinate to the first mortgage.
Let's say you had a first mortgage with Washington Mutual and a home equity loan (second mortgage) with Bank of America. Then you decided that you wanted to refinance the first mortgage with Wells Fargo. When you pay off the first mortgage then the Bank of America second mortgage moves into the first position. But Wells Fargo, the new lender, wants a first mortgage. So they get Bank of America to sign a mortgage subordination, which is a document that says that Bank of America agrees that its mortgage will be second to Wells Fargo's mortgage. |
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