Pennsylvania Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal process that allows property owners to grant a right of way to another party while subordinating the existing lien on the property. This ensures that the right of way takes priority over the lien, providing the necessary access for the designated purpose. This arrangement may be necessary in situations where the property owner wants to grant access to a utility company or allow a neighboring property owner to use a portion of their land for access. There are two main types of Pennsylvania Subordination of Lien (Deed of Trust/Mortgage to Right of Way): 1. Deed of Trust/Mortgage Subordination: This type of subordination involves the lien holder (usually a lender or mortgage company) granting permission for a right of way to be established on the property. By subordinating their lien, they agree to give the right of way priority over their claim in case of foreclosure or property sale. This is often done when the lien holder determines that the right of way is essential for the property's use or development, such as granting access to a public road. 2. Subordination of Lien for Right of Way Purposes: In this scenario, the property owner seeks to grant a right of way to another party, which could be an individual or business entity. To ensure the right of way is enforceable and easily transferable, the property owner subordinates any existing lien on the property to the right of way. This provides legal clarity and protects the right of way holder's interests. The Pennsylvania Subordination of Lien (Deed of Trust/Mortgage to Right of Way) process involves the preparation of legal documents, including a subordination agreement, which outlines the specific terms and conditions of the subordination. It is crucial to consult with an attorney experienced in real estate law to draft and execute the necessary documents accurately. The keywords relevant to this topic include Pennsylvania subordination of lien, property lien, deed of trust subordination, mortgage subordination, right of way, property access, legal process, subordination agreement, real estate law, and legal documents.
Pennsylvania Subordination of Lien (Deed of Trust/Mortgage to Right of Way)
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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.
