Need urgent help for refinance resources!

[bikesniffer]

Does anyone on the forum have any resources/connections in the refinancing industry. I am foreclosing a commercial building downtown Olympia,WA because the owner owes me a great deal of money.

I am in second position and if I can't refi this in order to get the party in first position out of the way...my nestegg is going up in smoke

Any suggestion/advice is welcome

Alfred

 

[Bounce]

Free legal and financial advice from anonymous sources on the Internet are worth less than you paid.

If you're at risk for hundreds of thousands of dollars as a 2nd Mortgage Holder, then seek the advice of a certified source with experience in the jurisdiction where the real estate is.

Trying to foreclose on the owner when there's a 1st Mortgage Holder in your way might be tricky. In some cases all you might be able to do is put a lein on the property that MIGHT get you your money some time down the road if they try to sell. If they file bankruptcy I don't know if the lein will hold up. I'm neither a lawyer nor a real estate financial magnate. Neither did I sleep in an Holiday Inn Express recently.

 

[CRMH Eagle]

My experience in the business world, especially in real estate which is part of the company where I work... I HIGHLY advise you to find an attorney who specializes in real estate.

+1 on your avatar. Totally agree.

 

[exskibum]

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[bikesniffer]

I do have an attorney in WA State. He handled the initial contract and now the foreclosure. The debt to loan ratio is about 50/50, meaning the building is worth double of what I need refinanced.

All I wanted to find out here is really whether or not someone would have special knowledge in the financial industry. Comments that imply me being a jackass of having done that deal or pointing out that playing the bank is seldom a good thing are not answering my initial question.

I appreciate any and all constructive remarks.

Alfred

 

[exskibum]

.

 

[bikesniffer]

Comments that imply me being a jackass of having done that deal or pointing out that playing the bank is seldom a good thing are not answering my initial question.

Really not sure what that refers to, but note that you didn't provide much information in your post**. Looks to me like everyone TRIED to be helpful and took the time to do it, but that Bounce nailed it early on: your fee bill for what you find valueless is exactly $0.

I was referring to PM's I got...and I'm not here to start an argument of who said what to me. It was never my intention to create animosity in any form or fashion when I did the initial post, just asked a simple question about refi possibilities. The legal/procedural angle is well taken care of from my RE attorney in WA.

Alfred

** [SIZE=8pt]As a real estate attorney in another state, at least a half dozen questions and possibilities came to mind regarding whether it might even be necessary to pay the first off (here, that would typically be contractual determined rather than statutorily required). Obviously, you are already advised on that and I should know better than to contribute to threads like this -- I do have paying work to do.[/SIZE]