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Subordination agreement
Subordination agreement A written agreement between lienholders to change the priority of mortgage, judgment and other liens.
RELATED TERMS--------------------------------------
Change
The appraisal principle that holds that no physical or economic condition remains constant.
Priority
The order of position, time or place. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens.
Mortgage
A legal document pledging property as security for the payment of a loan.
Judgment
A formal decision issued by a court relating to the specific claims and rights of the parties to an act or suit.
SIMILAR TERMS--------------------------------------
Subordinate
To place in a rank of lesser importance or to make one claim secondary to another.
Subordinate financing
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
Subordinate loan
A mortgage whose priority is below that of another mortgage.
Subordinated classes
With regard to CMBS, describes those classes with the lowest priority to receive payments from the underlying mortgage loans.
Subordination
The process of sharing the risk of credit losses disproportionately among two or more classes of securities.
Subordination clause
A clause in which the holder of a mortgage permits a subsequent mortgage to take priority.
Subotica property
Property in Subotica, Serbia and Montenegro. Apartments, flats, houses, offices and other property in Subotica.
PREVIOUS AND NEXT TERMS--------------------------------------
Subordinate
To place in a rank of lesser importance or to make one claim secondary to another.
Subordinate financing
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
Subordinate loan
A mortgage whose priority is below that of another mortgage.
Subordinated classes
With regard to CMBS, describes those classes with the lowest priority to receive payments from the underlying mortgage loans.
Subordination
The process of sharing the risk of credit losses disproportionately among two or more classes of securities.
Subordination agreement
Subordination clause
A clause in which the holder of a mortgage permits a subsequent mortgage to take priority.
Subprime borrower
A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
Subprime lenders
Lenders who specialize in B, C, or D catagory paper.
Subprime mortgage
A mortgage granted to a borrower considered subprime, that is, a person with a less-than-perfect credit report. Subprime borrowers have either missed payments on a debt or have been late with payments.
Subrogation
The substitution of one creditor for another, with the substituted person succeeding to the legal rights and claims of the original claimant.
This dictionary contains 6433 terms. |
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