Note Nightmare

[Josh Platko]

I need to hear some nightmare stories on subperforming notes.  Just recently began studying them, and not seeing the immediate risk.  Long foreclosure process?  State loan laws tough to understand? Loanee difficult to work with?  It seems that if you get the note at a discount (i.e., less than property value), worst case scenario you get the said property, and the equity (assuming there is some) in the property.