I received a final modification agreement from my bank with new loan terms and a few forms for signature. However, there seems to be a subor...

Question

I received a final modification agreement from my bank with new loan terms and a few forms for signature. However, there seems to be a subordinate mortgage involved what I am not fully aware of. I would like to know if someone can look it over before I sign and return.

Thanks for your help!

Answer

We could. 1-855-9-JEFLAW

Answer

I would be willing to assist also. However, if there is a question of a subordinate mortgage, the implication is that there are 2 mortgages on the home, one might be a home equity. If there are 2 separate lenders involved, issuing a new loan by the lender who is in first place could move them to second place. To avoid this, the current second lender must agree to subordinate to the new loan; this keeping the status quo of first and second places.