Pennsylvania Subordination Agreement Subordinating Existing Mortgage to New Mortgage
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FAQ
Adding a person to your mortgage without refinancing can only work if the mortgage is assumable. Federal Housing Administration (FHA) loans tend to be assumable, but other types may not be.
When you refinance your home, you can add or remove co-borrowers from the mortgage and/or title. Adding a co-borrower can be advantageous in some refinancing cases, particularly if the combined income and assets help you qualify for more competitive rates and terms.
A subordinate mortgage loan is any loan not in the first lien position. The subordination order goes by the order the loans were recorded. For example, your first mortgage (the mortgage used to buy the house) is recorded first because it's the first loan you borrow.
In rare cases, lenders will allow you to add additional people to a mortgage although all will have different requirements around doing so. Unfortunately approaching the existing lender route is the exception and most lenders won't allow you to add someone to the mortgage without remortgaging the property with them.
Mortgages typically can't be transferred from one person to another. The borrower is responsible for repaying their home loan until they sell the property. Then the new owner must secure financing on their own. But federal law makes allowances in cases where the primary borrower passes away.
Broadly, there are two types of subordination: structural (common in the UK and mainland Europe) and contractual (common in the US). On a contractual subordination, loans are made to the same company but the senior creditor and junior creditor agree priority of payment by contract.
There are also situations where your first purchase loan can become subordinate by law or regulation, without your lender's agreement. Here are two examples: If you have a Federal tax lien for unpaid income taxes, this debt automatically becomes a primary lien ahead of your first mortgage.
Adding a new husband to a mortgage Your mortgage loan will most likely need to be fully refinanced. Adding a new person to your mortgage loan changes the loan's terms. You won't be able to change these terms unless a lender creates a new loan for you through a mortgage refinance.