Buying Note with Lien

Foreclosures, Short Sales, Tax Foreclosures
1

Thank bank I am working with has offered to sell me the note for over a 50% discount. The property is about 85% complete and has 150k in construction liens. Is it possible for me to purchase the note then foreclose on the builder IF I want to keep the property? My experience with foreclosure has always been related to a sale. I want to know if there is a way to forclose to get rid of all but the primary lien holder (me in this case). This will be used as a primary residence for now…

Thank you for the advise.

2

Foreclosing on the mortgage note is not going to wipe out the mechanic’s liens on the property. You’ll still have to come up with $150k to make those go away.