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Posted by Doug Fowler on February 28, 2007 at 07:21:15:
In Reply to: note holder posted by sandy on February 21, 2007 at 19:54:49:
Sandy, First know that I am sorry about your situation. I am not an attorney, and believe you should consult one familiar with real estate and trust deeds. But I am curious, what state is the property in. In California you could potentially foreclose via a judicial foreclosure and obtain a deficiency judgment against the trustor (owner). And your attorney might also share with you that (in California), "sold out junior" lienholders might still have rights to sue after a senior holder forecloses. That is to say, if you fail to pursue the foreclosure because of an obvious lack of equity you may still retain right to pursue later. You might also engage someone with extensive market knowledge to assess whether the project could be financially viable with different marketing or structure, more than one losing project has been turned around. If there is even marginal value, your note might be worth something to sell right now, or you could foreclose yourself and be prepared to manage or resell the property. If that seems to big, maybe you know someone to partner with. But I can't stress enough just how impoortant it is to get solid specific advice from someone you trust.
