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Updated over 11 years ago,
Need help on CRE non performing note in OH
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