My view is the insurance is not only valuable if it is used.  

Glad to have you as part of this community, Bryce! 

The document that records the sale is called a "Tohon" and does not list a sale price. 

For multifamily properties, this is often around 40-50%, but it can vary depending on the property's condition, location, and age.- Analyze Comparable Properties: If you’re working in a specific market, reach out to other landlords or property managers with similar assets.

Quote from @Charles Evans: You are actually behind the 8-ball on this.

also... no.i hope this helps. 

Check out our reviews and online pricing engine when you get a chance! 

just double checked my lender is now 80% LTV for short term rentals only 85% for long term rentals

In this instance what I would do is get the deed in lieu from the borrower so you ahve the property again and get a note from them but have an attorney draft it to see if you can include a confession of judgment - meaning if they do not pay then you can get a quick judgment and possibly garnish wages.I would also have them put a small down payment as part of the note and only accept a check that way if you ever did garnish you have a copy of a check so you know where they bank.unfortunately you are right they can stop paying on the note and its unsecured so its a risk but out of all the options this is your best option.

The most information in this thread is not accurate.