A Practitioner’s Guide In todays marketplace where re-mortgages are common, lenders are effectively doubly-secured in the event of subsequent default by virtue of subrogation. What is subrogation? Subrogation is not a right or a cause of action, but an equitable restitutionary remedy against a party who would otherwise be unjustly enriched. In a typical re-mortgage situation, it enables the later lender to “stand in the shoes” of the earlier lender and enforce its security as if it had the benefit…
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