Updated about 10 years ago on . Most recent reply
Question on a NPN 2nd Note
I have a question on what to do with a NPN 2nd Note. I would appreciate it if somebody can provide some insights. I currently hold a 2nd NPN subject to the 1st note(current) on an investment property in Upstate NY. The note is more than 120 days late and I don't actually want to foreclose on the property because of the amount of money that it will take to do so and the borrower isn't open to a deed-in-lieu of foreclosure. The 1st note, as I stated, is current and is between me and the bank and I continue to make payments on it because I would like to protect my credit.
What is the best course of action(what would you do)? Anyway I can sell this note at a respectable amount?
1st note is about 35K
2nd note is about 44K
Any advice would be greatly appreciated.