HML default / foreclosing

[David Besins]

One of my hard money borrower has stop payment on his loan. I offered to buy the property for more then the loan amount but he wants to keep the house.

this is the first time I am going thru this.

Is there a way for me to get the house without going through the auction/sale process?

The loan is for 225K the house should sell for 525K when remodeled. I offered 315K.

I flip homes and could do good on the property.

[Tom Gimer]

It's either deed in lieu or foreclose. You aren' t getting title without either the current owner's signature OR the full foreclosure process outlined in your security instrument. Time to hire a foreclosure attorney unless the trustee named in your DoT can do this. Once the foreclosure process starts your owner will start thinking clearer about offers.