Pennsylvania Subordination of Lien (Deed of Trust/Mortgage to Right of Way)
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How to fill out Subordination Of Lien (Deed Of Trust/Mortgage To Right Of Way)?
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FAQ
To adjust their priority, subordinate lienholders must sign subordination agreements, making their loans lower in priority than the new lender. A subordination agreement puts the new lender into first position and reassigns an existing mortgage to second position or third position, and so on.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
It is an arrangement that alters the lien position. Without a subordination clause, loans take chronological priority which means that a deed of trust recorded first will be considered senior to all deeds of trusts recorded after.
A subordination agreement prioritizes debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.
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.
The order of subordination is determined based on the type of loan against your property. If you only have one home mortgage and no other liens, you'll find that mortgage subordination won't come into play until you have more than one lien on your home.
Since it's recorded after any HELOCs or second mortgages you already have in place, the first mortgage would naturally take a lower lien position. Most lenders won't allow this, so this could cause you to lose your loan approval if the second mortgage holder won't agree to subordinate.
Subordination agreements may be included in existing deeds of trust or may be outlined in an independent contract. In situations where two deeds of trust are being recorded concurrently, the lien priority is typically handled by instructing the title company as to which security instrument will be recorded first.
