Friendly Foreclosure - Posted by Mr Donald


#1

Posted by Mr Donald on November 13, 1998 at 06:01:57:

The so-called Friendly Foreclosure technique described recently is a very powerful one.

Since the noteholder in the junior position can foreclose and assume the 1st, how do you protect the party who formerly held the 1st from ruining their credit rating?

Could this strategy be utilized in tandem with a Land Trust (“Illnois” or inter-vivos type) as a foolproof method of assuming the 1st with no qualification?