Normally when a first mortgage is paid off the second moves into the first position unless the holder agrees to "subordinate" the second. A subordination agreement is an instrument that allows a first lien or interest to be paid off and allows another first mortgage company to come in and be the first priority lien holder.
It is very common for the borrower to pay subordination fees. The second mortgage belongs to the borrower and most likely it is the borrower requesting to keep it open. Most banks handling a refinance would rather you pay-off the second mortgage rather than subordinate.
If you are still shopping for a mortgage refinance, visit the Bills.com mortgage refinance savings center for no-cost quotes from up to four pre-screened lenders.
I hope this information helps you Find. Learn & Save.
Best,
Bill
Madisonville, TN | March 13, 2011
March 13, 2011
- Was the third appraisal reasonable under the circumstances?
- Was the decrease in the appraised value reasonable given that the comp used was 8 miles away? In an urban or suburban area, that really seems like an unreasonable comp. However, if you live in a more rural area, it may be perfectly reasonable
- Was the foreclosure sale 8 miles away one of the mortgage servicer's?
From my perspective, the important bits of information to learn are, was the servicer really fishing for a reason to kill the deal, and did it know of the nearby foreclosure?
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