The ChicagoMade Shorts Series is a celebration of the robust local independent film community and a showcase of entertaining work produced by talented Chicago-based artists. Submission is now open for original, entertaining short films a maximum of 8 minutes in length created by Chicago-based filmmakers.
What is a Subprime Loan? A subprime mortgage is a type of loan offered to borrowers with poor credit scores. Typically these are individuals with credit scores lower than a 600 and cannot qualify for a conventional loan. This may also include borrowers with derogatory or adverse credit histories.
Without a subordination clause, the oldest loan is the primary loan. When property is foreclosed, all money from the sale goes towards paying off the first, or primary, mortgage. Whatever money is left over pays the second mortgage, then the third, and so on. The further down the line a lender sits, the less chance it has of receiving cash from the foreclosure sale. A subordination clause controls or adjusts the priority of mortgage loans. Most commonly, it keeps the junior mortgage secondary to the primary mortgage when the primary mortgage is refinanced.