held the loan, now they're defaulting

[Denise Holder]

Hi,

I have a friend who owns a small trailer park. He sold it to another guy and held the loan. Now he has discovered that the guy hasn't paid the taxes on it for about 5 years. What advice would you give him. Thank you!

[Ned Carey]

Your friend should pay the taxes ASAP and worry about the details later. A tax foreclosure can wipe out his interest in the property.