Looking for attorney for borrower in default - TN and GA

Member since 2023 · 77 posts · 53 votes

Hey BP,

I am looking for a recommendation for an attorney or any advice on foreclosing on a borrower. I am a PML and lent on a bridge loan/ fix and flip. The promissory note is tied to two properties via security deed/deed of trust. I also have a personal guarantee. The properties are in located in TN and GA.

The borrower is in default and I have suggested a deed in leiu of foreclosure but it sounds like he wants to go a different route.

Anyone have a good attorney in TN and GA who can advise on next steps?

Thanks!

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
7mo
We use Mackie Wolf in Tennessee and BucHalter in Georgia. Happy to provide you some referrals. Please note we also buy defaulted loans so we might have interest in buying this loan from you as well if you have any interest in selling it.
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- Jonah SlovePro Member
  OP
  Member since 2023 · 77 posts · 53 votes
  7mo
  Quote from @Chris Seveney:
  We use Mackie Wolf in Tennessee and BucHalter in Georgia. Happy to provide you some referrals. Please note we also buy defaulted loans so we might have interest in buying this loan from you as well if you have any interest in selling it.
  
  Thanks I'll DM you. would love both referrals. I would like to hear what you can offer for notes.
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Stephen QuesinberryBusiness Member
Real Estate Agent · Cumming, GA · Member since 2016 · 226 posts · 157 votes
7mo
Hey Jonah,

Can get you linked up with a GA attorney and he will most certaintly have a colleague in TN if it's necessary.

Send me a DM with your email address if interested in an introduction.
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- Jonah SlovePro Member
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  Member since 2023 · 77 posts · 53 votes
  7mo
  Quote from @Stephen Quesinberry:
  
  Hey Jonah,
  
  Can get you linked up with a GA attorney and he will most certaintly have a colleague in TN if it's necessary.
  
  Send me a DM with your email address if interested in an introduction.
  
  Thanks Stephen, sent you a DM!
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Jonah SlovePro Member
OP
Member since 2023 · 77 posts · 53 votes
6mo
The plot thickens...

Since my last post I extended the note 30 days with the agreement to sign a quit claim deed on the GA property to be recorded if default happens again. I am now recording the QCD tomorrow.

Here's where it gets messy. The borrower not only allowed the former owners of the house that I lent on as a flip to stay- but he entered in a really messy seller financing / lease option agreement with the former owners. Nothing was recorded or even done property- and I definitely did not authorize this. The former owners have shared their docs and a "payoff" the borrower has provided. On their end ,they believe they owe him 50k more having already given him 70k for a total of 120k. The problem.. my note is for 240k! This is looking like a criminal case. ..he took that 70k from them and didn't pay down my note and then lied to me about how much he was selling it back to them for. What a mess.
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