In response to the evolving COVID-19 pandemic, the City of Chicago has joined the State of Illinois in issuing a Stay at Home order effective Saturday, March 21st at 5pm CT. In addition, City of Chicago facilities are closed to the public. Staff are prioritizing essential services to protect the health and safety of our residents and employees. As such, we may be delayed in responding to non-essential inquiries and service requests. To stay up to date on the City of Chicago’s COVID-19 response, please click here.
Department of Housing (DOH) policy does not allow cash-out in subordination transactions. The maximum new mortgage loan amount will be the amount of the pay-off letter(s) plus the closing costs shown on a signed good faith estimate.
The amount of the new mortgage loan must be consistent on the following documents, and must be submitted to DOH by the lender representative to initiate processing of the Subordination Request:
Upon receipt of all of these documents, DOH staff can begin processing the subordination request. This can take 15 business days, or longer. If approved, the subordination is mailed through the USPS, unless a prepaid overnight carrier envelope is provided. The lender representative should ensure that the amount of the new mortgage loan is consistent, even on the title commitment, and the rate is consistent on all documents.
For more information, contact 312.744.0826.