1. Gather all necessary documents:
Before starting the subordination process, gather essential documents such as the current mortgage statement, property information, and the subordination application form.
2. Verify property information:
Double-check property details, including the address, legal description, and any changes made since the original loan was secured.
3. Confirm Chase as the lienholder:
Ensure that Chase Bank is indeed the lienholder on the property you're dealing with, as subordination requests are specific to the lender.
4. Determine the purpose of the subordination:
Clearly state the reason for the subordination, whether it's to refinance, obtain a second mortgage, or any other purpose.
5. Calculate the current loan balance:
Accurately calculate the outstanding balance on the existing mortgage, as this information is crucial for the subordination request.
6. Complete the subordination application:
Fill out the subordination application form provided by Chase Bank, including all necessary details and signatures.
7. Provide a copy of the title report:
Submit a copy of the title report that clearly shows the property's ownership and any existing liens or encumbrances.
8. Obtain approval from any junior lienholders:
If there are any junior lienholders (secondary mortgages or home equity loans), you'll need their consent for the subordination.
9. Ensure the application is signed by all parties:
Ensure that all relevant parties, including the property owner, lender, and any junior lienholders, have signed the subordination application.
10. Submit the application with all required documentation:
Finally, send the completed subordination application along with all the necessary supporting documents to Chase Bank for review and approval.