Unapproved BUT recorded deed of trust.
Quick question BP. Hope someone out there can help.
I have a hard money loan out that the investor has defaulted on. I am in second position and have beaten everyone to the forclosure punch. When I originally gave the loan a part of the documents is a statement that no subsequent lines can be placed on the property without written approval from myself. Since then they have added two smaller liens, a 3rd n 4th, equalling 133k. Neither of these had approval from myself.
I am now in a position where some serious money is being left on the table ( the flip is not finished). Trying to avoid the lengthy forclose I have convinced the investor to sign the property over with a Deed in Leiu of Foreclosure. My question is do I have to have the 3rd and 4th cooperation? Or how difficult is it to have them removed.
I imagine to title company will not insure or pass title without the situation resolved or the 3rd n 4th cooperation.
The mortgages are recorded and showing up. I am just curious the process (if any) to get recorded but unapproved (by prior lien holders) DoT removed.
Thanks,