Subordinate Agreement
Hello everybody,
I need some advice. I have a landlord/seller who has asked me if he could refinance to get money to expand his business, I know it's not a good idea to do but he he has lots of equity and is only refinancing $20k over what he owes on his mortgage and that comes no where near the sales price we agreed upon so it really doesn't effect our agreement or my profit. His lender just called me and asked me to sign a subordinate agreement placing me in 2nd lien position behind their 1st and asked me what I needed from them to do that. I don't know. What do I do and how do I proceed and protect myself at the same time? This is moving faster than I was prepared for so any help would be greatly appreciated.
Thanks,
JayDub
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