Anyone able to give some advice as to how the foreclosure process might work? I am the hard money lender on a flip in Missouri.
The flip project is 95% complete and I would gladly take ownership of it to clear this mess. The flipper isn't responding to my calls or messages so I need to figure out what to do.
Hard money loan gone bad. Anyone been through the foreclosure process?
byu/ospreyintokyo inrealestateinvesting
Posted by ospreyintokyo
7 Comments
What paperwork do you have in place already?
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You’d likely need your lawyer to initiate the foreclosure process. You could initiate it yourself, the county trustee should be able to help you with this. Typically the time from filing to the foreclosure auction is 4 months.
If you can get ahold of the borrower and they dont intend to pay the loan or anything, ask them if they would sign a “deed in lieu of foreclosure” which would assign you back the deed without going through the foreclosure process.
I do some disposition for a few hard money lenders, some are pre and some are post foreclosure.
Hire an attorney to start the foreclosure process unless you have a transfer clause under your default definitions.
If you can ever pin him down the easy button is to just have him quit claim it to you.
Contact a lawyer. Follow your agreed upon contract.
Can you send me your loan agreement? Happy to help
Go to the real estate lawyer who wrote the mortgage, and have him start foreclosure process.