Pennsylvania Subordination Agreement - Lien
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How to fill out Subordination Agreement - Lien?
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FAQ
California laws governing lien priority generally follow the ?first in time, first in right? rule, which states that whichever lien has been recorded first holds a higher priority than recorded liens that follow.
A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset.
There are two ways to subordinate tranches of debt so that one tranche takes priority over the other. The first is called lien subordination, in which two forms of senior, equally ranked debt share the same collateral, but one is given priority over that collateral in case of liquidation.
This type of lien is called a "super lien." In Pennsylvania, an HOA or COA gets a super lien for the assessments that came due during the six months immediately preceding the foreclosure sale, but only to the extent that the six months' unpaid assessments are paid out of the proceeds of the sale.
Any subsequent loan that is taken out after your initial purchase loan is considered to be a junior-lien or subordinate mortgage. Therefore, subordinate financing is the use of two or more mortgages to finance the purchase of real estate or using your home's equity for liquid cash.
Tax liens are involuntary and occur when a homeowner does not pay their federal, state, or local taxes. If this happens, a tax lien is placed against your property. This lien takes priority over all other liens and stays there until the debt is completely paid.
§ 8141. Time from which liens have priority. Liens against real property shall have priority over each other on the following basis: (1) Purchase money mortgages, from the time they are delivered to the mortgagee, if they are recorded within ten days after their date; otherwise, from the time they are left for record.
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.