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If the borrower has an existing second mortgage associated with the subject property, may the borrower resubordinate that second mortgage as part of a DU Refi Plus transaction?

April 26, 2017associated borrower DU existing Plus Property refi second mortgage Subject

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If the borrower has an existing second mortgage associated with the subject property, may the borrower resubordinate that second mortgage as part of a DU Refi Plus transaction?

1 Answer

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Yes, any existing second mortgage must be resubordinated to the DU Refi Plus transaction. However, borrowers may not pay off existing subordinate liens or obtain new subordinate financing with DU Refi Plus.