Subordinate again?

[sipote]

I refinanced in March of 2011. At that time, I subordinated (sp?) my HELOC with Chase. I paid $250 to do so. I want to refi again, when applying for a refi, do i include the heloc in my new refi request? I know that if i include the HELOC, my LTV is too high. If I exclude it, will I have to pay Chase again for another subordination? Thanks for your help!

[Cat Damiano]

Hi sipote,


Welcome to the forum and thank you for joining..........

Unfortunately, if you are having to pay for the subordination agreement, you will need to do this again if you do another refinance. If you are unable to refi the two loans together into one, then the second is going to have to subordinate again. If you are utilizing Chase again for the refi, perhaps you can try to have them waive the fee this time around.

[mvpolo]

Hi sipote,


Welcome to the forum and thank you for joining..........

Unfortunately, if you are having to pay for the subordination agreement, you will need to do this again if you do another refinance. If you are unable to refi the two loans together into one, then the second is going to have to subordinate again. If you are utilizing Chase again for the refi, perhaps you can try to have them waive the fee this time around.

I agree with Cat in that you should negotiate getting your Chase HELOC subordination fee waived since it appears you are planning to refinance with them for the first. It worked for me this month with none other than stinkin' B of A. (It will be very difficult for you to shop around somewhere else for a first mortgage refinance when carrying an HELOC with a different institution.)

[underwatersocal]

I am in a similar situation but would be happy to pay for the $250 if it meant I could refi the beast of my primary loan. When you subordinated your HELOC last time did CHASE give you any problems wanting a certain LTV before they would approve?
With our HELOC we are underwater but with our first we can qualify for a 95% LTV I just have to get Chase to agree to subordinate.
How was that process?
Thanks for your experience!