I replaced workout music with podcasts a few months ago so they all kind of blend together.

When the promissory note is backed by real property an additional document, either a deed of trust or a mortgage instrument is needed to perfect the security interest in the collateral.

A little history about me is that I work in tech sales and my wife works in the music industry. 

In IL you probably need to engage your own separate attorneys as title companies do not prepare the instruments needed for Closing.  

You should do a google search for 'instrument of service,' which, I would assume is what you got from the architect.

"Unless the previous borrower requests a release of liability, the servicer must process the following exempt transactions without reviewing or approving the terms of the transfer:A transfer of the property (or, if the borrower is an inter vivos revocable trust, a transfer of a beneficial interest in the trust) to a limited liability company (LLC), provided that the mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence)."

The auction is not an event set up for investors to buy properties at a discount, but rather the instrument for the bank to take title back to the property (I guess depending on what your state law is).

I recognize that my proposed scenario isn't "real" per se, but I'm at a stage where I want to keep this passive as I have a job I enjoy, a young family, write some music for passive income royalties.   

I put on upbeat music and usually have a candle burning. 

A UCC Form 1 is the security instrument which would accompany the note.