But, this would simply mean the mtg co would have to amend the foreclosure suit, naming you as an additional defendant, and finish the foreclosure again.

This should of been taken care of with an amendment way in advance.No legal advice given. 

You are essentially attaching potential liability to your new investment, and you will probably need to investment in amending the Operating Agreement anyway.

The price of the note is a fraction of the $25K UPB, so I'm just trying to figure how I get my $25K UPB paid out -- I'm not worried about ROI in this scenario--just understanding the foreclosure auction process.Let's amend the numbers like this: Appraisal $ 117,250 1st Balance $ 50,000 2nd Balance $ 25,000 Equity $ 42,250 Bid Price (2/3 of Appraisal) $ 78,558 Payoff: 1st+Court+Attorney $ 53,500 Payoff: 2nd $ 25,058 2nd Coverage 100% I draw 2 conclusions from this. 

Otherwise known as making a General Plan Amendment? 

Upon further researching the amendment, the circumstances surrounding it seem circumspect.

I know when I used to have a similar restriction most borrowers would buy calling their foreign investor 20% but then amend the partnership the day after the closing.   

One of my brokers is working on a plan amendment (zoning change) in that area right now.

Keep in mind, when converting an asset in a self directed IRA you will need to re-title or amend the asset.

If a tenant claims a need AFTER the lease has been signed, then an amended lease should incorporate that representation.