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Updated over 9 years ago on . Most recent reply

User Stats

46
Posts
7
Votes
Hament Raju Mahajan
  • Investor
  • Sanfrancisco , CA
7
Votes |
46
Posts

Adding a new property as additional collateral to an existing loan.

Hament Raju Mahajan
  • Investor
  • Sanfrancisco , CA
Posted

I have an existing Note (Note 1) secured by a deed of trust in California on a SFR (property 1).

The borrower has agreed to bring in additional property  (Property 2)as a collateral  after Note 1 is completed  as a cross collateral.

I will be recording a deed of trust as a cross collateral on property 2. 

How could I amend the Note 1 so that It becomes a cross collateral note secured by property 1 and property 2 ?  

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