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3rd Party Mortgage Loan

My (recently deceased) father invested $100K in a 3rd Party/2nd mortgage in 2007. The loan is due to mature in a few months and no payments have ever been made. The house is now valued at about $250K LESS than originally appraised for and we prefer not to start foreclosure proceedings at the risk of losing even more money. 

3rd party lender can only offer attorney recommendations. Hoping to get some advice on potentially recouping some of our losses.

Thanks in advance for your assistance!
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October 12 2012 - US
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