Foreclosing on a Non Performing Note

9 Replies

I am looking at a few non performing notes in Florida. Has anyone dealt with non performing notes?  If so, have you foreclosed on a non performing note?  I appreciate any guidance. 

Philip, 

Most investors use a local real estate attorney to process the foreclosure. Every state has its own procedure and timeline. Florida has one of the longer timeframes in the nation, although I think it's getting better, due to the local economy. I know this isn't much help. But, I am not familiar with Florida non performing notes. But, I am sure there are plenty of BP members that can help you more than I have.

If the foreclosure is uncontested, no attorney dragging things out, you can get to an unction date in 5-6 months, if your attorney stays on top of it.

Originally posted by @Philip Mullinax :

I am looking at a few non performing notes in Florida. Has anyone dealt with non performing notes?  If so, have you foreclosed on a non performing note?  I appreciate any guidance. 

Have you ever purchased an NPN before? If not, do you have any education in this space? It's a whole different animal than traditional RE investing, and could be really dangerous if you do not know what you're doing. If you want to connect I can take a look at these for you and give some guidance.

@Chad U. I've never held a NPN before but I have been the note holder for a flip property. I am mostly a buy and hold investor, but I'm interested in NPN. I would love to connect to discuss the note I'm looking at.

Hey @Greg Felt , I definitely appreciate the thoughts.  One of the properties is currently going through the foreclosure process, but I am not sure how far into the process the property is.  I am going to reach out to a local attorney on Monday to get some guidance on it.