When is a subordination agreement required?
A subordination agreement is required if you have a first mortgage and a home equity loan and you are seeking to refinance your first mortgage, however, you do not wish to payoff your existing home equity loan or close down your Home Equity Line of Credit with MECU.
For example, you have your first mortgage financed at Wells Fargo and you are looking to refinance with Wells Fargo; the refinance would automatically move MECU into first lien position since the home equity loan is not being paid off. In order for Wells Fargo to retain their first lien position, they would require you to obtain a subordination agreement from MECU.
The current subordination requirements form is located on our website or by clicking the Subordination Request Form link below.
KBID: 2689Date Modified: 2/24/2015Date Created: 6/25/2010
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and does not eliminate the need to discuss your particular circumstances with a qualified professional.