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Updated almost 12 years ago on . Most recent reply

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Sema Yavuz
  • San Diego, CA
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Need help on CRE non performing note in OH

Sema Yavuz
  • San Diego, CA
Posted

I am considering buying a 1st position non performing CRE note in OH. The receivership appointed by court and it is in place. Ohio foreclosure's goes through court and ends at sheriffs sale . Min bid starts at 2/3 appraised value of the property

Question on foreclosures in OH and my position as the note holder:

1)If the defaulted current owner files for bankruptcy, does that stop the sale of the CRE at Sheriff's sale? How does that affect my position as the note holder?

2) do I get paid from the Sheriff's sale proceeds based on what I paid to purchase the note or based on what the defaulted amount is?

3) Can I set a reserve prize at the Sheriff's sale?

4) If no bid meets the reserve prize in multiple scheduled Sheriff sales, do I get the property back?

5) Can I forgive the debt in exchange to get the property back with an agreement with the owner

thanks to all

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