QUESTION
I'm carrying a note on comm. prop. the owner is in default on taxes since 2014 . 20K & climbing. What should I do next?? Can I start foreclosure now
Asked on May 16th, 2016 on Commercial Real Estate - California
More details to this question:
The borrower / owner just told me the IRS IS ON HIM AND MAY NOT BE ABLE TO MAKE NEXT MONTH'S PAYMENT . What should I do ??
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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As for the defaulted property taxes, you can wait until the tax sale is coming, or you can cure the default and then foreclose on the balance due. Or you can foreclose after the borrower is in default on the monthly payments.
Answered on May 17th, 2016 at 9:28 AM