The deed of trust that I was supposed to get turned out to not be an auto-subordination. However, I talked to the client and found out that the deed of trust would have to state on the first page
"THIS IS A REFINANCE OF A (DEED OF TRUST, MORTGAGE OR OTHER SECURITY INTEREST) RECORDED IN THE CLERK'S OFFICE, CIRCUIT COURT OF (NAME OF COUNTY OR CITY), VIRGINIA, IN DEED BOOK ________, PAGE ________, IN THE ORIGINAL PRINCIPAL AMOUNT OF ________, AND WITH THE OUTSTANDING PRINCIPAL BALANCE WHICH IS ________.";
and it has to state the code 55-58.3.
There are other requirements as stated in that code section. That's pretty much all the info I have at this point. The person I really needed to talk to was unavailable. Has anyone received any guidelines from a title company/underwriter relating to this subject? I have sooo many questions.....
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