PSCCU Members can learn more about the UCC lien and subordination process below.
The UCC filing places a lien on the fixtures you are borrowing against, i.e. the heat pump, solar array, windows, etc. These fixtures are installed in / on your home or property, and as such this lien will show up on a title search.
What this means for you:
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If you sell your home this loan must be paid off to satisfy the lien as it is not transferable.
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If the loan balance is above $70,000, we will ONLY subordinate to a first mortgage IF the loan is current and the CLVT does not exceed 110%.
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If you refinance your mortgage or take out a second mortgage / home equity loan, your lender must contact us to request a subordination.
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There is a fee associated with this request, currently $75.00 for normal processing and $150.00 for rush request.
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These requests can take up to 5 business days to process – rush requests can be processed within 3 business days.
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PSCCU will not start working on any requests until we have a complete subordination package. If you are interested in what that entails please use the link above.
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You should make your lender aware of this lien when you apply for your loan, it will help your lender expedite the process.
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Your lender is made aware of this lien either by you or when they do a title search of the property.
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It is the responsibility of your lender to send us a complete subordination package in a time frame that allows for you to meet your closing date.
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You may also pay the loan off if you choose not to proceed with the subordination request or if the Credit Union is not able to accommodate your request.
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Please be advised we will not temporarily release a lien, as that would be falsifying a record and we will not engage in such activity.
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PSCCU reserves the right to refuse any subordination request.