You mentioned either a 1st or 2nd which are certainly similar assets but the lien position changes the value and disposition strategy at times. 2nd liens can be more of a collection play opposed to really being able to have the property revert back through foreclosure as a remedy.

In addition to the carried interest, there are asset management, acquisition, and disposition fees.

Dual tracking is when a borrower tries to negotiate in good faith with the Mortgage Servicer or Mortgagee and a the Servicer/Mortgagee also continues down a foreclosure disposition path.

My ten cents on the disposition of the asset.

The maturity event, if it becomes a barrier for the borrower to overcome, which then forces disposition back on to the Mortgagee, would be a defect.

LOL, no Josh, there are bad notes and bad prices, dealing out of your sphere of influencing the disposition of a NPN, with limited resources and the collateral, you'll find you will not always be successful at any price. :)

I'm not sure if the unit range your looking at but I'd encourage you to utilize technology and see who's CMBS loans are coming due in the next 6-12 months and start dialogue now for disposition, best case off-market.

On termination of this Lease for any reason, Landlord shall furnish Tenant a statement concerning the refund, if any, and any other disposition or application of the Security Deposit in accordance with the time periods established and in accordance with Alaska Law, and if a refund is due Tenant, the refund shall accompany this statement.

For calculation purposes, the number of days of ownership includes the day of disposition but not the day of acquisition.http://www.investopedia.com/terms/q/qualifieddividend.asp#ixzz2I0KsLejS-Steven

Possession, use, enjoyment, disposition and exclusions.