West Virginia Subordination of Lien
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How to fill out Subordination Of Lien?
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FAQ
Benefits of a deed in lieu of foreclosure Homeowners who have exhausted all of their options might find a deed in lieu to be a more favorable solution because the impact on their credit is generally less harmful than a foreclosure.
Short sale: Homeowners may be able to sell their property for less than the amount owed on the loan. Deed in lieu of foreclosure: Homeowners may be able to transfer ownership of their property to the lender in exchange for the release of their debt.
No guarantee of acceptance: Your lender isn't obligated to accept your deed in lieu of foreclosure. Your credit will still take a hit: While a deed in lieu arrangement won't harm your credit as drastically as a foreclosure, you can still expect your score to drop.
If contractors and suppliers don't get paid on a construction project in West Virginia, they can file a mechanics lien to secure payment. A mechanics lien is a legal tool that provides the unpaid party with a security interest in the property.
Limitations on enforcement of judgments. (a) On a judgment, execution may be issued within ten years after the date thereof.
Similar to a short sale, a deed in lieu of foreclosure likely will not damage your credit as severely as a foreclosure or a bankruptcy. As noted above, the burden of selling your home shifts to someone else, so it may be more appealing than a short sale.
A lender should also hesitate before accepting a lieu deed where there are outstanding subordinate liens or judgments against the property. In such a situation, the lender will have to foreclose its mortgage, with the attendant expense and time involved to obtain clear title.
Mechanics liens in West Virginia need to be filed and recorded in the county clerk's office in the county where the property is located. Each clerk's office will have its own filing fees and other specific requirements.
WEST VIRGINIA A judgment creates a lien on all the real estate. W.Va. Code § 38-3-6. The lien will continue for 10 years from the date of entry.
