Updated Prelim title on the property reflects as of October 20th, 2017 there is now a $50,000 Deed of Trust on the property and the judgements have been cleared, that were showing previously. The lien appears to be a private party lien. Do we have to wait to season this lien for a year? Will we need a payment history on this lien? Is there anything else that you can think of that we will need?
If the borrowers want to pay off the $50,000 DOT with the proceeds of a new HACM, then yes, 12 month seasoning will be required. Yes, we will need the payment history of the lien, also the note, deed, or other documentation of it.