I invested Mom's money in a new building construction as 3rd lienholder. I just learned that the future tenant is anticipating the owner not paying the first payment to the first lienholder (due Oct 1 but grace period until Oct 13), so he arranged with this lienholder to take the property/business away from him (my guess is this is similar to a hostile takeover in the stockmarket, but in the commercial RE realm). The owner told me that if this happens the other lienholders are stuck. Is this true? Also, the tenant said he said a certified letter to the owner. What would be the purpose of this? Is this a foreclosure?
The owner says he has a backup person who will be a tenant, take on a business loan to payoff the first lienholder. This seems to be the only out of a horrible situation. Can a $3M loan be processed in just 2 weeks?
My involvement was meant to be a short term loan that began a year and a half ago. I haven't been paid anything on this, as the interest was to be paid with principal at the end.
Mom died in the spring and I've done part of the probate -- Temporary Administration to sign a sub agreement, which expires Nov 28. So far I've told the probate lawyer to wait on my case until Nov 1st. If money is completely gone, there's no point in finishing the probate process. This lawyer thought that all lienholders have rights, but said he wasn't familiar enough with RE law.
The owner says he has a backup person who will be a tenant, take on a business loan to payoff the first lienholder. This seems to be the only out of a horrible situation. Can a $3M loan be processed in just 2 weeks?
My involvement was meant to be a short term loan that began a year and a half ago. I haven't been paid anything on this, as the interest was to be paid with principal at the end.
Mom died in the spring and I've done part of the probate -- Temporary Administration to sign a sub agreement, which expires Nov 28. So far I've told the probate lawyer to wait on my case until Nov 1st. If money is completely gone, there's no point in finishing the probate process. This lawyer thought that all lienholders have rights, but said he wasn't familiar enough with RE law.