She’s already paying most back to the bank for the reverse mortgage.

Did that 300k serve as your down payment the bank required for the rest of the loan? 

But, that is not an accepted course of action on BP because people are so enthralled with banks that they like to give banks 20% of their available money for the honor of borrowing money from the bank.

Carissa Kruse A bank statement program might fit your scenario.

Assignment is something usually done when a lender purchases a portfolio of loans from another bank.

Remember that (generally) while the bank can not call your loan early or increase the interest rate, they NEVER want to give you back money you paid them. 

@Connor Dunham on auction.com there is bank owned and Foreclosure Sale.

Most banks take a minimum of 30 days to complete a new construction loan...and you have some significant holidays in the way. 

SUBJECT TO existing mortgage of $125,000CASH TO SELLER $10,000WILL REFI BEFORE TWO YEARS ONCE PROPERTY IS STABILIZED (I deal with local community banks and will do a commercial in my LLC to cash out at 70% LTV to recoup back some of my initial investment?)

I've already gathered a list of regional banks and am ready to call their lending departments but I thought before I do I might as well see if anyone on BP has a reference that they have worked with before with success.