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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 116745
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I am trying to buy a first position commercial note from a

Customer Question

I am trying to buy a first position commercial note from a bank. There is a second loan on the property which is a SBA/CDC loan as well. Would I be Able to foreclose the property without having any problem with the CDC loan sitting on the second position..?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Yes. Or at least the presumption is that they can.

Discrimination disallows picking a candidate over their national origin, yes. However it does not disallow to pick a candidate who has a local education over that who has a foreign education.

The employer would argue that they are doing this to ensure that the education received is quality, relevant, etc. The candidate may overcome this presumption by attempting to show that the employer has conveniently excised all foreign-born and immigrant applicants by doing this and that their real reason is discrimination on national origin.

Whether or not that is true - that would be for the jury to decide.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

Expert:  Ely replied 1 year ago.

Oops, I am sorry! That was placed on the the wrong thread. My apologies. I am going to opt out of your question and open this up for other experts.

Your JustAnswer Account has not been charged for this conversation and your question is back in the queue. You do not have to stay online for the question to be active. Should an expert pick it up, you should be alerted via email and/or SMS (text message) unless you actively disable these features.

There is no need for you to reply at this time as this will "lock" your question back to me, thus inadvertently delaying other experts' access to it.

My apologies for any inconvenience and good luck...

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
I am sorry for the technical issue that caused the above answer to be sent to the wrong customer.
If you buy a first position note, then as you would be the pri***** *****enholder, you have rights to foreclose and collect before any of the other junior lienholders. The law says that liens are paid by priority based on dates they are placed. So if your lien is in first position, you can foreclose and you can collect first without the other lienholder being able to stop you.

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