Finance
In New York, 'subordination' of a mortgage means:
AThe mortgage is paid off early
BA senior lien agrees to accept a lower priority position to allow a new loan to take first lien position✓ Correct
CThe mortgage is transferred to a new lender
DThe property is sold subject to the mortgage
Explanation
Subordination is when a lienholder agrees to allow a new or different lien to have higher priority. For example, a seller's purchase money second mortgage may agree to subordinate to a new first mortgage, allowing the buyer to refinance without paying off the second.
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