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