If you buy a long term note and the borrower goes into default with his county property taxes on 1st april - what do you do? Do you buy the certificate (how) and start foreclosure? Thanks for any advice
Either your note or statutes will allow you to cure the default of the senior lien and then add that amount to what is owed you. This should create a default condition on your note and you can begin foreclosure proceedings of your own. If this were not so, no one would lend $100,000 to someone if it were in jeopardy of being wiped out by a $2000 unpaid tax bill.
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Either your note or statutes will allow you to cure the default of the senior lien and then add that amount to what is owed you. This should create a default condition on your note and you can begin foreclosure proceedings of your own. If this were not so, no one would lend $100,000 to someone if it were in jeopardy of being wiped out by a $2000 unpaid tax bill.
ok if it happens just leave it to my lawyer......
thanks for the advice