All Forum Posts by: Nelly Barskaya
Nelly Barskaya has started 3 posts and replied 5 times.
Quote from @Account Closed:
Quote from @Nelly Barskaya:
We are a second lien holder in California on a condo. The borrower is 8 months late on our note and 1 month late on the first note. I would like to ask what would be our actions if we would like to take over the property if the borrower can't come up with the funds?
You could buy out the first lender and then eventually foreclose. There is a process for foreclosing that varies by state. One month late in California is not enough to foreclose. You have to have an attorney or or authorized entity do the foreclosure for you.
Under federal law, the lender usually can't officially begin a foreclosure until the borrower is more than 120 days past due on payments.
So Generally you send a 30 date late, a 60 date late, a 90 day, a 120 day late then you send a notice of intent to foreclose and if the loan isn't brought current in another 30 days after that you can set an auction date.
CA may have changed some of the process over the years, so a local real estate attorney can guide you from there.
If you start a foreclosure when in second position you end up having to pay off the first loan & HOA fees & unpaid taxes & assessments anyway.
We are a second lien holder in California on a condo. The borrower is 8 months late on our note and 1 month late on the first note. I would like to ask what would be our actions if we would like to take over the property if the borrower can't come up with the funds?
Post: Orange County Real Estate Market
- Posts 8
- Votes 0
We are looking to invest in Multiple Units properties in Orange county. Does somebody has any information on the Real Estate market condition in the county as well as the Rental market. What is the prediction for the upcoming year considering the situation ( political and Covid-19) thank you
Post: Best areas in Atlanta greater area to invest
- Posts 8
- Votes 0
We are planning to invest in a greater Atlanta area. Would like to purchase 30-40 investment rental properties under 100K. Can you suggest the areas that could be potentially good areas to achieve the goal. Thank you in advance for your input. Nelly