Harp 2.0 Refi Process: 2nd Mortgage Subordination Agreement

Generally the lender processing the new HARP loan will do most, if not all of the leg work. It doesn't hurt to let your current second lender know what you are doing. Also, you can learn how much they will charge for the subordination fee. By getting the check to the lender doing the new loan early, you can shave a couple of days off the process for them, which only benefits you. As for do they all do it the same way? NO. Every lender is different, so it's best to say on top of it. Finally, you should only use your current lender as a last resort. I have dozens of files where my rate/fee combination is thousands less than the "deal" they thought they were getting from their bank. If you don't shop, your bank will only take advantage of you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

1).. big mistake going through your current servicer.. There will be much better deals out there for you, so you should shop with a local mortgage broker and compare... 2).. The subordination agreement will be ordered by your lender or title company and most are only good for a few weeks.. so timing is crucial.. Let your lender handle it.. 3).. Your lender will call and talk to the 2nd about the subordination agreement.. If they will subordinate, then it's ordered once your file has been submitted.. Most lenders will make the subordination a condition to close. 4).. you 2nd mortgage company will charge you to prepare the subordination agreement.. Usually around $250 or so. 5).. All you have to do is apply with your lender, provide a copy of your most recent 2nd mortgage statement, and let them handle it.. That's what they are getting paid to do.. If they need your help, they will contact you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Working with a licensed professional loan officer is the best way to get your questioned answers. You indicated you will be applying through your current 1st lien holder. That means you will be working with an unlicensed application clerk. When working with your largest financiual transaction of your life, the qualify of you loan officer is too important to dismiss.

Enter your answer hereWe have one if not the best lender for HARP. I just closed one with the exact same scenario. The second mortgage company will have to subordinate per a formal request from your new lender and you will pay a fee for that subordination generally $100-$200. The 2nd lender has to agree and this will be a condition of the approval but not required up front to apply or even submit. Feel free to contact me at your leisure to discuss this: or email me - smccracken@winterwood.netSean McCrackenWinterwood Mortgage Group317-885-4560 ext 132

Hi, the subordination is requested by your lender of choice in junction with the title company during the process, you don't have to do anything other than give your lender what they ask for to get an approval and closing. I wouldn't go to your current servicer if I were you I have 25 lenders and consistantly beat the rates and costs ALL DAY LONG.....

As everyone here has stated, your first mortgage company will take care of it. Some 2nd mortgage companies will just add the small fee to your next mortgage statement or to your pay off. It depends on the lender. I know Citi does that, you do not have to pay the fee up front.

Hello. You can and should get another quote for your Harp 2.0 refinance. You can apply with any lender you want. It does not matter which lender is holding or servicing your second mortgage. We have a Florida Harp 2.0 loan in now that originally started out with their current lender and we gave them a better deal. We are mortgage brokers that deal with many many lenders and we can find you the lowest rate for your HARP 2.0 refinance. Please give me a call tomorrow to discuss more. 754-444-9705 Michelle

The 1st mortgage holder will take care of the subordination of the 2nd. However, it is not guarenteed that the 2nd will re sub. Good Luck!