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Foreclosures

Posted by Sonia Cortez on July 6, 2011 at 7:05am in Short Sale Discussions
I invested in a Real Estate commercial property loaning 1.5 million on a secured note leaving me as a third.  I have not been paid in over a year and neither has the 1st or the 2nd.  What are the chances of me being able to foreclose or me being able to take over the property?  The total amount owed on the property is about $13million.

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Replies

  • Kimberley Kelly July 6, 2011 at 1:09pm
    Once again..Harry from Bakersfield rides to the rescue!  Well done Harry....and I couldn't agree more.  3rd position..eek!!!
  • Sonia Cortez July 6, 2011 at 11:26am
    Thank you so much.

    Harry Clay said:

    Craig D Braun, Esq 661-663-8300 

    Robert S Williams, Esq 661-323-7933

    Both are Bakersfield attorneys specializing in the real estate / foreclosure / bankruptcy / tenant rights fields, & would probably know another qualified specialist in your area that they might refer. 

    I spent several hours with both @ my local Board just last week. They are excellent.


    Sonia Cortez said:

    Any suggestions on who to call?

  • Sonia Cortez July 6, 2011 at 10:51am
    Any suggestions on who to call?

    Harry Clay said:
    That's probably a question best answered by a real estate / bankruptcy attorney specializing in foreclosure & tenants rights issues.

    Sonia Cortez said:
    What will happen to the tenants and to the employees running the complex?
  • Sonia Cortez July 6, 2011 at 10:43am
    What will happen to the tenants and to the employees running the complex?
  • Sonia Cortez July 6, 2011 at 10:02am
    Yes, sounds crazy but I have personal interest in the property as I am the property manager as well so I am trying do do all I can to save the complex.
  • Jeff Payne July 6, 2011 at 9:32am
    I dont think you will have any problems, just pay off the first and second and you can foreclose on your third.  Seriously, you took third position and 1.5MM out there.
This reply was deleted.
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