Jim Costello (email@example.com)
#82 ranked lender in Florida - 22 contributions
You will need to contact your second mortgage lender. Typically, second mortgage lenders usually agree to subordinate since they are already in second position as long as your financial position (credit, income) has not changed drastically. The subordinating lender will need to see the approval by the first mortgage lender, an underwriting transmittal form, appraisal and may require income documents. Some lienholders charge a subordination fee up to a couple hundred dollars.