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Guidelines for Current URA Borrowers: Loan Subordination

This section contains important information and guidelines for current URA loan client borrowers regarding loan subordination.

The following information is for current URA loan clients.

To make an informed decision about whether the URA is willing to postpone our mortgage or judgement lien in favor of another lender, the following information must be submitted in writing to our Department of Finance:

  • Subordination application (Mortgage Subordination Request) signed by all borrowers
  • Completed application form with all pertinent information included
  • Copy of current appraisal (only if required by lender)
  • Total loan amounts cannot exceed appraised value

Download Borrower Beware to get the facts on home equity, mortgage refinancing, and debt equity loans. You will need Adobe Acrobat (free download) to view and print these documents.

After you review the Borrower Beware document, if you wish to proceed, we will require the following information from the lending institution or you:

  • Mortgagee clause
  • Closing Disclosure or HUD 101 Settlement Sheet or Good Faith Estimate
  • First mortgage payoff letter
  • Home improvement estimates
  • Commitment letter from the lending institution confirming the loan terms.

All property taxes must be current or be brought current at time of loan approval. No cash out is permitted.

As soon as all necessary information is received, we will inform you of our decision. If we agree to a subordiantion, you will be asked at that time to provide a document review and preparation fee made payable by cashier's check or money order to the URBAN REDEVELOPMENT AUTHORITY OF PITTSBURGH. This fee will be accepted from the borrower only.

Please note that subordinations are done as a service to you, the borrower, and we are not obligated to do so if it will jeopardize our loan security.

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