Notes in Foreclosure

[Michael Spadoni]

I am looking to purchase a note where the borrower is currently in foreclosure. I want to know, if I purchase the note am I required to hire a new lawyer to continue the foreclosure process, of does the current serving counsel maintain the case?

[Bob E.]

Usually if the borrower want to stay you would do a forbearance, it does not cancel the foreclosure, it just puts it on hold while you try and work things out.  That way if your borrower does not hold up their end of the deal you do not have to start from the beginning.  Check with your attorney.

keep in mind that the current not holder probably tried to do a workout.