Foreclosing on a mixed collateral loan is not as tough as one might think, not with the law on your side.<\/p>\n
So in late in 1996, \u201cThe Bank of Real Estate\u201d made you a real estate loan to go buy that 100 unit apartment complex. You thought you would spend the rest of your days soaking up the sun and drinking Kona coffee on your very own beach in Maui.<\/p>\n
Fast forward. It is 2009, you\u2019re a running 10% higher vacancy, the loan has reset (higher of course), and you, and your dream, are in serious trouble. Try as you might, the lender is not willing to recast your loan.<\/p>\n
The next thing you know, the lender has gone ahead and notified you that it intends to sell all the furniture in your furnished units in one commercially reasonable sale. But they do not foreclose on the apartment complex.<\/p>\n