Updated almost 6 years ago on . Most recent reply

Blanket Loan Notes Foreclosure
I was brought the opportunity to buy the note on 40+SFR, however, it is a blanket loan and all 40 are under one note. If the borrower isn't paying do I have the right to foreclose on all 40 at one time or will each home have to be foreclosed individually?
Most Popular Reply

You have the right to foreclose but that will mean 40 separate foreclosure actions.
I ran in to a similar situation in Michigan where I bought a single note with 4 rental properties under it. It was 4 foreclosures.