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SUBORDINATION OF CITY LOAN’S) TO A NEW SENIOR LOAN (REFINANCE) The City of San Jo's (City) will consider the request to subordinate its loan’s) to a new senior lien based on the conditions listed
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What is subordination of city loans?
Subordination of city loans is the process by which a lender agrees to allow their loan to be placed in a lower priority position than another loan on the same property.
Who is required to file subordination of city loans?
Lenders and borrowers involved in a loan transaction where subordination is necessary are required to file for subordination of city loans.
How to fill out subordination of city loans?
To fill out subordination of city loans, parties involved must provide detailed information about the existing loan, the new loan, and any other relevant details requested by the city.
What is the purpose of subordination of city loans?
The purpose of subordination of city loans is to establish the priority of loans on a property, ensuring that each lender is aware of their position in case of foreclosure or default.
What information must be reported on subordination of city loans?
Information such as loan amounts, interest rates, terms, property details, and contact information for all parties involved must be reported on subordination of city loans.
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