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How do I fill this out?
Filling out this form involves gathering required documents and information. Ensure you have payment details ready to process the $100 fee. Follow the outlined steps carefully for a smooth submission.
How to fill out the Salal Credit Union UCC Subordination Requirements?
1
Pay the $100 fee via phone or mail.
2
Submit a letter or email with lien holder details.
3
Provide a pre-paid overnight shipping label.
4
Include the Form 1003 Mortgage Application.
5
Attach a copy of the Title Commitment.
Who needs the Salal Credit Union UCC Subordination Requirements?
1
Homeowners refinancing their mortgage loans.
2
Real estate professionals assisting clients with UCC liens.
3
Loan officers processing mortgage applications.
4
Borrowers looking to consolidate debts under favorable terms.
5
Mortgage companies coordinating with lenders for subordination.
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What are the instructions for submitting this form?
To submit the form, send your completed request to Salal Credit Union via email at Subordinations@SalalCU.org or by mail to Salal Credit Union, Attn: Consumer Loan Servicing, PO Box 75029, Seattle, WA 98175-0029. Ensure to include the required documents and payment details in your submission. Promptly send your request to avoid processing delays.
What are the important dates for this form in 2024 and 2025?
The form can be submitted year-round. Ensure all submissions are completed within specified timelines to avoid delays in processing. Check any applicable deadlines for mortgage applications as they may vary.
What is the purpose of this form?
The primary purpose of this form is to facilitate the subordination of UCC liens in favor of a new mortgage loan. This process is crucial for borrowers seeking to refinance their existing debts while keeping their current loans in good standing. Proper submission increases the likelihood of approval and allows for smoother financing options.
Tell me about this form and its components and fields line-by-line.
- 1. Payment Details: Information regarding the $100 fee payment.
- 2. Lien Holder Information: Details of the current and new lien holders.
- 3. Shipping Information: Pre-paid labels for document delivery.
- 4. Application Form: Submission of Mortgage Application Form 1003.
- 5. Title Commitment: Current title information and UCC filings.
What happens if I fail to submit this form?
Failing to submit this form correctly can delay your subordination request significantly. Missing documentation or payment will result in automatic rejection of the request. It is crucial to follow all instructions carefully.
- Missing Documents: Not including required documents can lead to rejection.
- Payment Issues: Failure to pay the submission fee will halt the process.
- Incorrect Information: Providing incorrect lien holder details can cause delays.
How do I know when to use this form?
- 1. Mortgage Refinancing: Needed to subordinate existing liens for new mortgage loans.
- 2. Debt Consolidation: Used when consolidating multiple debts under one loan.
- 3. Loan Adjustments: Required for adjustments to existing loan conditions.
Frequently Asked Question
What is the purpose of this form?
This form is used to request the subordination of UCC liens.
How do I submit the form?
Submit via email or mail as detailed in the instructions.
Is there a fee for submission?
Yes, there is a $100 fee for processing the subordination request.
Can I expedite the processing?
Expedited requests are not accepted; standard processing takes around 10 business days.
Who can I contact for questions?
For inquiries, reach out to Subordinations@SalalCU.org.
What documents are required?
Required documents include the Mortgage Application and Title Commitment.
How will I receive my Subordination Agreement?
It will be sent via the pre-paid overnight shipping label provided.
What is the turnaround time for processing?
Allow approximately 10 business days from the receipt of the complete submission.
Where do I send my request?
Send requests to Salal Credit Union's specified mailing address.
Can I fill this form out online?
Yes, you can fill it out using the PrintFriendly editor, then download it.
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