Hello and thank you for allowing me the opportunity to assist you.
Question: “I have a personal note from my friend for this amount. He is insolvent so I need to collect my money at the time of forcloseure sale. How do I do this?”
Answer: Assuming the friend refuses to grant you a lien on the property, you’ll need to sue him for a judgment. The judgment can then become a lien on his real estate. Of course, you won’t be paid until prior liens are satisfied. If the property is sold for less than or equal to the bank’s lien, then, unfortunately, you won’t get anything from the sale (though you can still go after your friend’s other non-exempt assets).
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