Note Investing Exit Strategies—Foreclosure is not the last resort, right?
After you buy a defaulted note, when (if) contact is made with the borrower, it is vital to determine the goals and objectives of the borrower—do they want to stay in the property or leave?
For some Note investors, foreclosure is not the last resort, for us, it is a last resort. We strive to help families by keeping them in their properties. Unless the property is abandoned or the borrower is deceased with no heirs, foreclosure should be the last resort.
Here is a video clip that will help shed some light on why and when to use foreclose as an exit strategy.
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To your success,
[00:30] Funny story…
[01:40] What if the borrow is deceased?
[02:57] Foreclosure Process
[08:25] Monitoring the Sale Process