QUESTION
Need to start foreclosure process on a business that I hold a note on. Foreclosing process has begun on this business with their bank
Asked on Aug 24th, 2018 on Commercial Real Estate - New York
More details to this question:
I own the note on a business. Their bank has started foreclosure on their loan with them. They are first in line to get paid. How do I get the balance on my note when the sale happens?
1 ANSWER
1 Award
Hire a lawyer to file an appearance in the foreclosure. You should be a defendant in the case. If your loan is unsecured, you need to sue now separately to get a judgment lien.
Answered on Aug 28th, 2018 at 6:03 AM