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dfye@mcttelecom.com

New Hampshire
681 Posts
Posted - 03/16/2008 :  08:03:39 AM  Show Profile  Visit dfye@mcttelecom.com's Homepage  Reply with Quote
According to Black's Law Dictionary

An agreement by which one who holds an otherwise senior interest agrees to subordinate that interest to a normally lesser interest; frequently used when a seller agrees to subordinate his or her purchase-money mortgage so that the buyer can obtain a first mortgage loan to improve the property.

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jbelmont

California
3106 Posts
Posted - 03/16/2008 :  01:57:08 AM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
The subordination agreement is a very sensitive document. It controls the order in which liens are if there are multiple loans. Imagine how upset a lender would be if they thought their loan was first in line, when another one substituted them for first place. If a property forclosed and there was not enough cash to go around, it would be interesting to see how the proceeds were distributed. Does the first loan get paid off in its entirety before the second loan gets a penny?
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