Updated almost 4 years ago on . Most recent reply
Investor not paying gap funder back
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
Most Popular Reply
If she is in default, I would go forward with that. If she catches up, no problem. But when you realize that you are getting the property back, things are already in motion. It is much easier to continue the foreclosure once it is in motion. Don't stop. Even if she pays you off 3 months into the foreclosure, you are just better protected in the case that she doesn't pay.