Foreclosure or Deed in Lieu
Please I’m desperate for guidance on this matter.
The balloon payment due to me as a private lender has not been paid. At the first of May The borrower asked for a one year extension. I agreed to a one year extension with the agreement the borrower pay attorney fees for document preparation, late payments and late fees brought current. I have reached out to borrower but to date there has been no reply. The rental house they purchased is vacant, the area is undesirable and home needs repairs. Homes in this area are selling on the high end 30K to low 40K and low end 15-20k. I loaned to much money for this property (my bad) and have only received $15K. Attorney fees for foreclosure or deed in lieu plus repairs will put me further in the hole. Please any suggestions are greatly appreciated!