West Virginia Subordination Agreement - Lien

State:
Multi-State
Control #:
US-00640
Format:
Word; 
Rich Text
Instant download

Description

A request has been made by a second lienholder to the first lienholder that the first deed of trust or mortgage be subordinate to the second deed of trust of mortgage.
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FAQ

Most adverse possession laws require a trespasser to openly inhabit and improve a property, or a small part, for a determined amount of time before he or she may gain legal title to the property. This time limit in West Virginia is at least 10 years before ownership could change hands.

Limitations on enforcement of judgments. (a) On a judgment, execution may be issued within ten years after the date thereof.

Ing to the mechanics lien law, after your notices are served timely the lien must be filed in the county recorder's office in the county where the property is located. The lien may either be served by certified mail, return receipt requested, or personally served on each of the parties.

A judgment lien is created automatically on debtor property that's located in the West Virginia county where the judgment is entered. For property in other West Virginia counties, the creditor records an abstract of judgment with the clerk of the court in the county where the property is located.

PREPARING THE VIRGINIA MECHANICS LIEN Every mechanics lien typically must contain the owner's name, a general description of the property and location, the name of the hiring party, the first and last date of work a description of the work performed, and the amount of money owed.

A mechanic's lien is a "hold" against real property that, if unpaid, allows a foreclosure action, forcing the sale of your property. It is recorded with the County Recorder's office by the unpaid contractor, subcontractor or supplier.

Virginia strictly adheres to the 150-day rule for mechanic's liens. The 150-day rule requires that no amounts be included in a mechanic's lien for labor or materials furnished more than 150 days prior to the last date the claimant furnished labor or material to the project.

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West Virginia Subordination Agreement - Lien