Does anyone have any recommendations for filing for foreclosure in San Diego? Best to use an attorney? Anyone or specialty specific?
Currently hold second-lien position on rehab making no progress. Plan to take over and finish myself to get capital and whatever profits remaining.
@Vilson Nikollaj that's an interesting question but not one I've come across before. I'd refer you to David Bright. He's a prominent real estate attorney in San Diego and if he can't do it he can probably recommend someone to you.
Thanks @bruce may. That's the second time Mr. Bright has been referred to me for real estate matters.
Seems like my situation would not be too uncommon for a HML where the not paid and they start the foreclosure process. Appreciate the help.
Before I spend a lot of money on an RE attorney I'd give County Records Research a call. This may be a simple matter of hiring them as your trustee, which you'll need anyway.
Of course your situation begs the question, why are you in this fix? Did you simply loan someone a bunch of money and file a lien against the property? That's pretty hazardous... and expensive.
At the risk of offering unsolicited advice, I imagine that you might make more private money loans in the future, so allow me to suggest that you use a land contract going forward. A properly structured contract would allow you to take over conttrol of the project without foreclosure by shifting the beneficial interest from the investor to you as project milestones are missed.
I realize this suggestion comes a little late in the game for your current situation, so give CRR a call, but before the next time look into using a land contract. Just saying...