Knowledge Base

In order to determine whether or not the URA is willing to postpone your mortgage or judgment lien in favor of another lender, the following information must be submitted in writing to our Department of Finance:

Subordination application (Mortgage Subordination Guidelines and Application) signed by all borrowers

  Additional documentation as outlined below

  Copy of current appraisal (only if required by the lender). Please note that thetotal loan amounts cannot exceed the appraised value.

Download Borrower Beware to get the facts on home equity, mortgage refinancing, and debt equity loans. You will need Adobe Acrobat (free download) to view and print these documents.

After you review the Borrower Beware document, if you wish to proceed, we will require the following information from the lending institution or you:

Mortgagee clause

Closing Disclosure or HUD 101 Settlement Sheet or Good Faith Estimate

First mortgage payoff letter

Home improvement estimates

Commitment letter from the lending institution confirming the loan terms.

Property report or an appraisal 

All property taxes must be current or be brought current at the time of loan approval. No cash out is permitted.

As soon as all necessary information is received, we will inform you of our decision. If we agree to a subordination, you will be asked at that time to provide the subordination agreement document for the URA to sign and notarize.

Please note that subordinations are done as a service to you, the borrower, and we are not obligated to do so if it will jeopardize our loan security.