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Jonathan Orr
  • Developer
  • Orange County, CA
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260
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2nd deed of trust filing

Jonathan Orr
  • Developer
  • Orange County, CA
Posted Sep 23 2019, 09:14

Hey BP, I am setteling a lawsuit and a portion of the settlement is that I am securing my settlement with a 2nd trust deed on a property the defendant owner.  To paint the picture, the building is worth approximately $4 million.  He has a traditional mortgage on it for $1.25 million.  My 2nd trust deed will be for the amount of ~250k.  The property is located in Orange County CA and I know of what I need to do to file the 2nd deed (my attorney is preparing all of the documents).  My question is, do I have to notify the 1st mortgage or is that the responsibility of the owner of the property?  

Not to worry, I am taking the steps that if he defaults on my 2nd trust deed to go through the foreclosure process but I want to make sure after I file it correctly that I am not missing anything I may need to do (such as notify the 1st or anything else).

Any recommendations or tips is appreciated!

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