I am buying non performing CRE notes in OH
need a real estate attorney that understands non performing CRE notes in OH. Somebody with experience on CRE Foreclosure process will be preferable to assist me in acquiring the property. Utlimately I want to get ownership of the CRE that I am betting on.
thanks
Sammy
Where have you looked thus far?
Personally, what I do with non performing notes would be to obtain commercial lien rights in addition to the mortgage. This can be done with administrative procedures (paper work). The defaulted note you acquire can be turned into a commercial lien, which trumps all mortgages. Then you could foreclose on the lien. Depending upon what you want to accomplish, you could do the foreclosure of the lien in small claims and keep your costs down.
I would consider learning how to accomplish your goals without an attorney for a couple of reasons. Conventional wisdom tells us to hire an attorney in a situation of conflict. Knowing that conventional wisdom keeps most people in bondage (intentionally), I would go against conventional wisdom and learn this process myself.
Also, I believe it is difficult to find an attorney with a moral compass…I’m sure they are out there but I have had difficulty finding one. Learn the rules and represent yourself rather than turning your stuff over to an officer of the court who gets paid to keep people in conflict.
Hope this helps.
Rob