Deal Structure ---Recording an Option (or wrap) behind an FHA 1st

[Ari Newman]

Will a typical FHA lender (and title insurance co.) allow title to transfer "subject-to" an option secured by mortgage on the title? If an option or Wrap (secured by mortgage) attaches to title @ closing after the 1st mortgage, does the 1st even know (or care)? What protects the option from other debt being encumbered on the property? Specific language in the option itself?

Ari