We thought about hiring a lawyer but the legal fees were expected to be in the range of $10k to $15k and would have taken months (if not years).

This was due to finance arbitrage like many retail bankruptcies, They were selling furniture/TV/appliances for 2 decades financed at 3-4% and borrowing at 2-3%, now their billions in floating rate notes are at 7-8% but only getting the fixed 3-4% for the washing machines etc They lost 77 mil last year and rising fast so had to Chapter 11 to stop the bleeding.Next 1-2 years will be very interesting in markets/CRE etc.

@Bijan SabbaghiYou don’t that’s the challenge - we pull data from several places as a note holder and for example and currently we see less than 20% actually going to foreclosure as most are ending in bankruptcy right now due to borrowers equityThe ones that are under water are typically going back to the bank.Best bet is to find properties where deceased or maybe divorced to get higher chance of actually going to foreclosure

(consult a lawyer). 

I have meetings with my lawyer to discuss partnership contract and acct for the financial piece.Since this is extremely new, I am building a team of a contractor, broker, loan officer, accountant, Lawyer and investors. 

But then I told myself, if Bitcoin price really drop significantly to $1000 a piece, then the time to drop to zero won’t be far away...Like Enron many years ago, when the stock price dropped to $1.00, it then filed bankruptcy and dropped to zero. 

I’m in the same boat with lawyer, everything is on hold. 

Hey Tom, no matter what I would have a real estate lawyer look over this before you purchase the property.

Assuming you have already provided the late notice, which is something you should do, I recommend finding a lawyer that focuses on evictions at your jurisdiction and just hire them to do the eviction. 

In many states, approved sales contracts are available for free online (you'll have to learn how to fill them out or pay a lawyer to do it, recommended to at least have a lawyer review).