Foreclosing On A Lease Purchase Interest Only
We do sandwich lease option deals where we escrow the deed and record a performance mortgage and the lease option itself or memo. In a recent deal, the owner walked in to the title company and retrieved his deed and wants to back out after we put our tenant in with rental agreement and accepted money from the tenant. We aren’t interested in letting the deal go. We do business as a multi-member Nevada LLC where the members are other entities (not individuals). What can we do to secure our position? Can you foreclose on a non-money interest only like a lease purchase? Would a quiet title action work?. There is a primary lender ahead of our performance mortgage but plenty of equity in the property.
Thank you
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