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WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3686
Experience:  Experienced real estate lawyer and real estate broker.
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Scott,Im presently considering a foreclosure on an interest

Customer Question

Hi Scott,
Im presently considering a foreclosure on an interest only commercial loan. My concerns are as follows 1 what im liable for once forclosure has begun and 2 how do I walk away cleanly. 3 can the note holder claim against any cost accuued post forclosure filing.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 2 years ago.
It depends if you are in a recourse state or a nonrecourse state. For example, in California, they cannot claim on you beyond the value of the property, since california is a nonrecourse state. If the state is a recourse state then they can sue you for the difference. Good luck to you. Please rate 4 or 5 and close out the question. I wish you all the best.
Customer: replied 2 years ago.
Not clear yet wise owl ,
Does this mean any missed mortgage payments prior to being served papers are valid claims?
Customer: replied 2 years ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 2 years ago.
Also it is an a suite and b suite property I have rented suite b to another party at a lease term for a year beyond when I expect to be all done with suite a. The note holder is aware and did it object from the beginning that site b is rented/ leased. Will she have to continue and honor b lease agreement?
Expert:  WiseOwl58 replied 2 years ago.
Please accept the phone chat offer and we can discuss in more detail. Please rate 4 or 5 and close out the question. Good luck to you.