Everyone has needs and wants and it's going to be challenging to satisfy everyone equally. 

The bank can still foreclose on the property if the existing mortgage has not been satisfied.

I've used Protitle for many years and was satisfied with their pricing and fee structure.

We plan to pull out about 100k to pay off some the debt from materials for the rehab and use the remaining balance to purchase our next two properties.

The owner is looking to be foreclosed on quickly as the remaining debt that he owes elsewhere will be wiped out. 

I believe I have to remain in my home for a year before I can apply for another loan?  

I am talking with my bank to refi my primary residence, but my commercial mortgages have prepayment penalties and are set by my bank's internal interest rate floors, since they are balance sheet loans, fed rates won't bring them any lower.My HELOCs are lower now, but nothing I can or will be doing with those, as they will always remain floating, so there is no benefit at this point.

I have 30 yr fixed mortgage for 3.5$ APR. 25 yrs remaining on the loan.

@Michael Vu It sounds like the deal is already marginal so if the terms remain the same I wouldn't move forward on this.

Do the due dili.Before the property is foreclosed upon and even after, the owner can satisfy the lien IF they have the money.