No comments yet

Salal Credit Union Subordination Agreement Form

No. Having a UCC deposit at your home doesn`t mean you have bad credit. Salal submits a UCC financing statement to secure your loan and provide you with a lower interest rate. If you have any questions, please contact our virtual office at 800.562.5515. You can also use our contact form to request a reminder or email. Do I have a UCC registration at my home because I have bad credit? A UCC funding statement is a privilege over the equipment or items you have funded by Salal. Salal files a UCC to secure the loan and protect the credit union and our members from potential losses. In the event of default on your loan, we may attempt to recover the funds we have lent to you by foreclosure against the equipment or items you have financed by Salal. If you decide to refinance your first or second mortgage, your lender may ask you to go through a process called “subordination.” Salal can help you with subordination. A UCC Quote Request Form is available in the Disclosure and Forms section of our website and requests can be sent to Subordinations@SalalCU.org. You can also choose to carry out your refinancing through Salal and make the process even easier. For more information on the credit subordination process, see our response to “What is credit subordination?” below.

For non-account inquiries regarding Salal products and services, digital banking issues, comments or complaints, you can call our virtual branch or use our contact form to request a reminder or email. Waiting for a county to complete the UCC filing can be a particular problem for homeowners who want to refinance their mortgage shortly after receiving their Salal loan. In these cases, the credit subordination process cannot begin until the county in question has completed the UCC filing. It is important to note that credit subordination rules vary from state to state and there are a small number of counties in the United States. which do not allow subordination to credit. For more information about UCC registrations, credit subordination or refinancing your home in Salal, please call our virtual branch at 800.562.5515 or 206.298.9394 (M-F: 9:30 a.m.-5:30 p.m. PT, Sat: 10 a.m.–2 p.m. PT). In general, loan subordination is a process in which various loans associated with a home are prioritized. The mortgage on a house is usually assigned to the first rank, followed by any other loan that has a lien of one kind or another attached to the house. In many cases, if a homeowner wants to refinance their mortgage, they will have to go through the subordination process to complete the refinancing transaction. During subordination, Salal is often able to give permission to the mortgage lender to circumvent the privilege we have over Salal-funded items or upgrades so that the refinancing transaction can be completed.

What types of loans are not eligible for subordination? Salal can accept direct deposits to your savings, checking and/or money market accounts. To make a direct deposit, contact your payroll, annuity or other income provider and provide them with our routing number, which is 325081610, and your full 13-digit account number. Some employers may request a direct deposit authorization form. This is for informational purposes only and should not be construed as legal advice. Neither Salal Credit Union nor its employees provide legal advice. If you have any questions, you should contact your lawyer. Once you have fully repaid your loan with Salal, we will ask the country where the UCC is deposited for the removal of the UCC (in other words, for the lien to be terminated). Similar to the initial process of filing and subordinating to credit, the time it takes for a county to complete the paperwork may vary depending on that county`s staffing process and situation. For the security of your accounts and identity, please do not send personal or account information via email. Instead, call our virtual branch or log in to mobile or online banking to use Secure Messaging. What exactly is a UCC? Do I have a UCC registration at my home because I have bad credit? When does Salal submit a UCC funding statement? Reverse mortgages are not eligible for subordination.

Below are our most commonly used forms. Click the name of the form to download it. You`ll need Adobe`s free play-as-you software, which you can download here. If you do not see a form you need, please call us at 800.562.5515 or 206.298.9394. What happens if I have a UCC and want to sell my home? What happens if I have a CDU and want to refinance my mortgage? Who do I contact if I have UCC questions when refinancing or selling my home? How do I get a repayment offer for my loan? What is credit subordination? What types of loans are not eligible for subordination? How long does the credit subordination process take? UCC stands for Uniform Commercial Code. A UCC financing statement is a public document that Salal submits to the government of the county where your home or other property is located. Salal uses a UCC funding statement to place a lien on items or upgrades that you have funded through us. This means that Salal has a legal right to these items or upgrades until the loan is paid in full.

This does not mean that Salal has a legal claim against the ownership of your home. In general, we recommend that you contact us as soon as possible about loan subordination to avoid delays in your refinancing transaction. If you visit this page, you are probably looking for more information about a so-called “UCC” deposit and how it relates to your loan with Salal. A filing in the Uniform Commercial Code (UCC) allows Salal and many other lenders to “secure” their loans by setting up certain properties as collateral for the loan. Obtaining loans helps our members get approved more often and allows us to offer them lower interest rates. Of course, you are always welcome to call us at 800.562.5515 or use our contact form to contact us. We are ready to help you in any way we can. For more information about selling or refinancing your home when entering a UCC application, check out our answers in the How a UCC Affects the Sale or Refinancing of Your Home section below. . . .