What happens if the first is refinanced after an existing second. Which loan is in first position?
First in time is first in line, unless there is a subordination agreement. So given no subordination agreement your existing 2nd is now a 1st.
What happens if the first is refinanced after an existing second. Which loan is in first position?
First in time is first in line, unless there is a subordination agreement. So given no subordination agreement your existing 2nd is now a 1st.