What the first bank is telling us is that they are going to take the full amount of the debt owed to them and leave only 5K for the second debt holder.

The second lien holder takes possession of the property subject to the first lien.

Which means that there are multiple owners sometimes spread out across the country, and you would need every title holders signature to get title insurance.

That's why I know more flippers here than buy and holders...

In this case, Cliff’s “lender” is really just a note holder and wouldn’t have to be licensed.

You would no longer be the title holder.

I'm looking to find any information on selling turn key properties to IRA holders, individual investors, and private equity companies.Lately I've been wholesaling turn-key properties to investors in my market for 18% net yield!

As per the example above, John Smith Trustee of 123 Easy St. would be title holder and on public record and John Smith would be easy to search on and find.

At the point the down payment has been secured in full they get a mortgage for your asking price and become the deed holder also....Kudos,Mary

The POA is specific to the property and should also let you order the final payoff.Also make sure the seller sends in a "Release of Information" authorization so you can talk directly to the mortgage holder about the account.