Borrower default
Hello BP members,
Thanks in advance for reading this post. I am writing this to seek support, advise and referral.
I am a private lender and loaned hard money to a flipper with a signed promissory note secured by deed of trust (for the property that he is planning to flip) along with a personal guaranty. Flipper purchased the subject property from a wholesaler and also took on the existing loan. When purchasing, flipper (borrower) borrowed second to cover his down payment along with other expense. I am in third in line. About a month ago I've received a notice of default on the property as the flipper did not pay down some of the dues to the first. There is a 90 day waiting period after the default letter is issue for the lender to start the foreclosure; however the due date for my loan is coming up soon and the flipper is fumbling to finish the project as he under budgeted the project. I would like to reach out to fellow BPers and experts to seek advise. I do have an attorney that's engaged but would be ideal to get into legal action. Again, this for reading and any expert advise would be appreciated if you could message me.
Thank you!