Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago on . Most recent reply

User Stats

44
Posts
20
Votes
Brandon Shewbridge
  • Virginia Beach, VA
20
Votes |
44
Posts

May Have to Foreclose on HML - Costs in Va & Other Questions

Brandon Shewbridge
  • Virginia Beach, VA
Posted

There is a potential that I may need to foreclose on a property that I provided a HML on. I have about a week left until the note is due, but signs aren't looking good based on property status and lack of communication. The property was gutted down to a shell and was supposed to be a pop top, but progress stopped after the demo work. I have a few questions for those in the know:

1) Can someone ballpark me on the costs to foreclose in Va.  I have a 1st position note with Deed of Trust filed with the city.  I will seek deed in lieu first if possible, but I would like an estimate so I can prepare.

2) The deal was with the investor's LLC. If the property value is less than the note value, can I go after the investor directly, or am I limited to the LLC assets only? This is likely a single member LLC so is it possible to "pierce the veil" here?

Thanks in advance.

Loading replies...