We have a couple of homes that are older and really were unsuited to have a basement in the first place.

The private documentation of the beneficial interest in the Series LLC (which is the instrument to which I'm referring) is recorded as such.

Here is an excerpt from one of mine that was a VA backed loan "If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument.

FHA security instruments require a borrower to establish bona fide occupancyin a home as the borrower’s principal residence within 60 days of signing thesecurity instrument, with continued occupancy for at least one year."

For example let's assume my top rate is 24% and I wanted to convert 300,000 it would cost me about 72,000 in taxes to convert a 300,000 401k taxable instrument into a 300,000 non-taxable instrument.  

You could be one of the catalysts that are instrumental in turning it around.

Security instruments for real estate loans are essential to keep both sides in line.

In case things do not work out I would like that instrument to be easily enforceable in court without necessity to re-record after say 2 years etc. at the same time I want to make sure I am compliant with Dodd-Frank Act, predatory lending etc.

The certificate was issued to the lender first and HOA second.Lender and HOA argue back and forth for a few months over ownership of the property and eventually sign an agreement whereby the lender would pay $15,000 to the HOA for past-due assessments and the HOA would release its title claim via quitclaim deed or some other instrument. 

Stat. 25-3-309(a) states, "A person not in possession of an instrument is entitled to enforce the instrument if (i) the person was in possession of the instrument and entitled to enforce it when loss of possession occurred, (ii) the loss of possession was not the result of a transfer by the person or a lawful seizure, and (iii) the person cannot reasonably obtain possession of the instrument because the instrument was destroyed, its whereabouts cannot be determined, or it is in the wrongful possession of an unknown person or a person that cannot be found or is not amenable to service of process.Keep this in mind when looking to buy notes with collateral in North Carolina!