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.
This is why the main mortgage is referred to as a âfirst mortgage,â and a home equity loan or line of credit is called a âsecond mortgage.â In the case of a sale or foreclosure, the first mortgage loan would be paid off in full before funds are applied to the second, subordinate mortgage. subordinate (or subordination) clause notes that a mortgage will remain subordinate to an existing lien on the property in question.