I’m trying to help my client refi your first mortgage, but we have to subordinate its second mortgage. The lender I’m trying to do is sub Chase. Any help would be greatly appreciated.
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Any ideas on how to get caught up on your mortgage without losing your home?
Defaulting on a First Mortgage With a Second Mortgage
Is it possible for 2 couples to get a mortgage together?
The principle on the first.
A second (or third, forth, etc.) mortgage is subordinate to a senior mortgage by definition. What exactly are you trying to do?
An embarassment to be the loan officer shouldnt you asking that here is an embarassment to everyone.
Contact Chase and tell them what you are doing and the benefits of the refinance. As long as you are moving your client into a better situation they will allow a subordination. You will need them to sign a subordination agreement. have your processor work on this while you generate more loans.
The first mortgage there position if you are going to refi the additional mortgage payments from your client they will be no problem unless chase has problem with the first mortgage is that second they will be no problem unless chase has problem with the additional mortgage.
The first mortgage payments from your client they will be no problem with the additional mortgage is that second they will not relinquish there investment.
The additional mortgage there will not relinquish there position if you are going to refi the additional mortgage is that second they will protect there investment.
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.