Blanket Loan Notes Foreclosure

[George Frye]

I was brought the opportunity to buy the note on 40+SFR, however, it is a blanket loan and all 40 are under one note. If the borrower isn't paying do I have the right to foreclose on all 40 at one time or will each home have to be foreclosed individually?

[Logan Hassinger]

@George Frye

You have the right to foreclose but that will mean 40 separate foreclosure actions. 

I ran in to a similar situation in Michigan where I bought a single note with 4 rental properties under it. It was 4 foreclosures.