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.
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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6 users responded in this post
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?
A second (or third, forth, etc.) mortgage is subordinate to a senior mortgage by definition. What exactly are you trying to do?
Umm, YOU are supposed to be the loan officer, shouldn’t you know this? Why do you have clients and why are you doing their loans if you don’t know how?
Sorry, but that’s mortgage 101. 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.
A second mortgage is that a second. They will not relinquish there position. If you are going to refi the first mortgage there will be no problem unless chase has a problem with the additional mortgage payments from your client. 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.
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