Possible to get loan using a deed of trust in 1st as collateral?

[Nate J.]

Hello, I have a $50k deed of trust in 1st position on a property worth around $500k. There are no other liens on the property and the balloon due date has already passed. Long story short but I have an additional judgment against the owner of the house and I need to wait 3-4 weeks before I can start the foreclosure process and start collection proceedings. I need to take care of some attorney fee's and some other expenses incurred related to this lawsuit. 

Is it possible to structure a loan against the deed of trust using it as collateral?  I don't want to sell it outright as I may need it for leverage to collect on the larger judgment. Appreciate any help/advice on this, thanks in advance!

[Roman M.]

only private money can lend you against your note and private money lender will need to be comfortable with the paperwork. You will need to pledge your note as collateral and have business attorney draw up the paperwork. The rate will be high and you will need to pay additional attorney fees aside from foreclosure legal fees. I am not sure what are the costs to foreclose in your state but I can't imagine them being more then $6,000. Better just find other source of funding like a unsecured loan or loan against any other property you have.