Subordination Agreement

[williebigs]

1st Mortgage Wells Fargo $300,000
2nd Chase $99000

I am in the process of modification on the first, but have to get a subordination agreement signed by Chase, which 5 Lakes Agency is servicing. 2nd was charged off in 2009, and discharged in Bankruptcy in 2011. I've followed how to settle the 2nd, but I don't have the time that it takes. WF needs the subordination agreement by tomorrow or they will foreclose. They might give me a little more time, but not months or years. Any thoughts?

[Evan Bedard]

Welcome and thanks for joining the community.

I'm surprised Wells Fargo is requiring you get a subordination agreement signed on your 2nd because this generally is not required for a modification as it does not require the recording of a new mortgage. However, what state is your property located in? Some states such as NY may require a sub agreement to complete the mod..

[williebigs]

WF said they are requiring this on all modifications now. Property is in Louisiana.

[Evan Bedard]

Here is another member Shane who just received his permanent HAMP modification from Wells Fargo and if I recall correctly he was not required to have subordination agreement to complete the process.

Wells Fargo Victory. Finally done

[danielwf]

Hello

I think i will be in the same situation. The only diferent is my second it is Wells Fargo too.

Read my post. There are some suggestions.

http://www.loansafe.org/forum/wells-fargo-home-mortgage/49047-subordination-agreement-tpp-already-done-foreclosure-20-days.html#post409562

Dan

[Evan Bedard]

Hey Dan,

I read your other post and am quite shocked they are requesting this on your account as well. Like Tom stated it really should not be necessary as you are not obtaining a new mortgage and only modifying the terms on your account..