any gap funders here deal with an investor not paying them back

[Alexandra V Moreno]

Hi everyone. 

I am a gap funder. Have a second lien on this property. Our terms state that she was to pay me back by September 9th (including the 15th day grace period) and as of September 10th, she’d be in default.

Per all her texts and emails, she’s been saying she’d pay me back on time, or by a certain date but every time we get closer to that date, she changes the date or lies about how things are going. This most recent time she said she’d pay me by 09/28 (idk why that late  she never provides good info or updates) 

regardless as of September 10th she will be in default  

I have a second lien, promissory note and joint venture agreement. 

Has anyone persuaded legal recourse in something similar.  

The property is in Utica NY

[Matthew Crivelli]

This should be par for the course when providing people with gap funding. It's a risky business because most people who use services like this don't have the money to begin with. One thing goes wrong and the borrower goes under water. I do know if they foreclose on them the first position lien wins and gets to recoup all their loses before the second is entitled to anything. Not to mention you're in New York state, I'm led to believe you will have a difficult time getting money out of this person. It's difficult to draw blood out of a stone.