Allegheny County, Pennsylvania is located in the southwestern part of the state and is home to the city of Pittsburgh. It is one of the most populous counties in Pennsylvania and encompasses a diverse range of urban, suburban, and rural areas. In the context of real estate and property ownership, a subordination of lien in Allegheny County refers to a legal process that involves the adjustment of priority between two or more liens or encumbrances on a property. This is commonly done in the case of mortgages or deeds of trust, where a borrower has multiple loans secured by the property. When a property owner seeks to refinance or take out a new loan while still having an existing mortgage or deed of trust, the subordination of lien process becomes crucial. The subordination agreement allows the new lender to have a higher priority lien on the property, meaning that in the event of foreclosure, they would be the first to be repaid. The existing lien holder agrees to subordinate their lien position, thereby allowing the new lender to take precedence. There are a few types of subordination of lien in Allegheny County, each serving different purposes: 1. Subordination of Mortgage: This refers to the process of subordinating an existing mortgage to a new mortgage. Typically, this occurs when a homeowner wants to refinance their existing mortgage with a lower interest rate or more favorable terms. 2. Subordination of Deed of Trust: Similar to subordination of mortgage, this type of subordination involves a deed of trust instead of a mortgage. Deeds of trust are commonly used in some states, including Pennsylvania, as an alternative way to secure a loan on a property. 3. Subordination Agreement: This refers to a broader category of subordination of lien that includes other types of liens, such as tax liens or mechanic's liens. A subordination agreement may be necessary when a property owner wants to address the priority of various liens on their property, ensuring the new lender takes precedence over specific liens. It is important to consult with a qualified real estate attorney or title company in Allegheny County to properly execute a subordination of lien. The process involves drafting a subordination agreement that contains the necessary legal language and ensuring that all parties involved, including the existing lien holder, are willing to sign and execute the agreement. In conclusion, the subordination of lien in Allegheny County, Pennsylvania, specifically in regard to mortgages and deeds of trust, is a legal process that enables property owners to refinance or take out new loans while adjusting the priority of their existing liens. Ensuring a properly executed subordination agreement is crucial to protect the rights and interests of all parties involved.
Allegheny Pennsylvania Subordination of Lien (Deed of Trust/Mortgage)
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If you need a copy of the deed, it can be purchased online at delcopa.gov via our public access site. When you pay off your mortgage, the mortgage company sends us the mortgage satisfaction piece, we file it, and it is returned per filer instructions. 2.
A general lien is one that doesn't attach to a specific piece of collateral. Instead, it attaches to all the assets of the borrower. This includes their house, bank accounts, vehicles, and any other personal property the borrower may own.
Limitation Period from Date of Filing the Lien Claim Generally, you have one year from the date of filing your lien to both commence a civil action, and file a certification of pending litigation (CPL), or the lien is extinguished.
Liens generally follow the "first in time, first in right" rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
What would happen if you bought a house and later found out that there were unpaid liens against the property? Nothing. The former owner owes the money on the liens. The lien claimants would lose their liens against your property.
Homeowners should call the Recorder of Deeds office to request a copy of their documents.
When you take out a mortgage loan, the lender will likely include a subordination clause. Within this clause, the lender essentially states that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender in case you default.
What is subordination? Subordination is the process of ranking home loans (mortgage, HELOC or home equity loan) by order of importance. When you have a home equity line of credit, for example, you actually have two loans your mortgage and HELOC. Both are secured by the collateral in your home at the same time.
If Title Deeds are mislaid or destroyed and the property or land is registered, a simple check with Land Registry will provide details of ownership. Often Land Registry will hold electronic versions of documents associated with the property which can be downloaded from their website for a small fee.
General liens affect all the property, both real and personal, of a debtor.
