What is required for a Subordination Agreement?

To request a Subordination Agreement, please provide the following:

Name, phone number and email address of lender/title company coordinating the transaction
Copy of the mortgage application
Appraisal (or other supporting value information)
Loan Commitment Letter
Letter from the borrower requesting that Gorham Savings Bank subordinate it’s lien to another Lender. This letter should include authorization to release a copy of the Note, if required by the Lender.
Subordination Agreement produced by the title company coordinating the transaction sent to Gorham Savings Bank.
$200 pre-paid non-refundable fee should be included with the package and is assessed regardless of Gorham Savings Bank’s decision to subordinate its lien.
If you wish to receive completed documents via overnight mail: Include pre-paid shipping return address label with any applicable pre-paid pick up fees.

Or Mail:
Gorham Savings Bank
Attn: Loan Underwriting
10 Wentworth Drive
Gorham, Maine 04038

Or Fax:
(207) 839-3931

Questions?
Call Erin O-Brien (207) 221-8456
OR Samuel Cunningham (207) 839-3342
OR Angela Smith (207) 222-1442

Turn around time may take up to 30 days once all the above information is received.

Help