Mortgage Notes: Partials & Foreclosure Rights

[Stephen McMullin]

All-

Can someone with direct experience comment on the nature of the rights accruing to the 'buyer' of a partial note from the 'seller'? I'm sure that all purchase agreements can be customized to suit the needs of the parties, but I am interested in what the 'typical' or 'market norm' looks like.

Hypothetical: I purchase a partial from a held back (seller financed) note. Lets say I buy the first 6 years worth of payments. Lets further assume that payments stop in month 24. At that point in time, how does the partial note owner and the seller of that partial coordinate enforcement actions?