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Subordination clause
Subordination clause A clause in which the holder of a mortgage permits a subsequent mortgage to take priority.
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
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.
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 agreement
A written agreement between lienholders to change the priority of mortgage, judgment and other liens.
Subotica property
Property in Subotica, Serbia and Montenegro. Apartments, flats, houses, offices and other property in Subotica.
PREVIOUS AND NEXT TERMS--------------------------------------
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
A written agreement between lienholders to change the priority of mortgage, judgment and other liens.
Subordination clause
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.
Subscribe
1) To give, pay, or pledge (a sum of money) as a contribution, investment, etc. 2) To append one's signature or mark to (a document), as in approval or attestation of its contents.
This dictionary contains 6433 terms. |
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