All Forum Posts by: Alexandra V Moreno
Alexandra V Moreno has started 2 posts and replied 6 times.
Post: Investor not paying gap funder back
- Posts 6
- Votes 1
Originally posted by @Rick Pozos:
@Alexandra V Moreno if the first forecloses, yes, you will probably get wiped out. This is exactly why YOU, in 2nd position needs to foreclose first. When the 2nd forecloses, you are now the owner of the property, BUT you still owe the 1st. Keep paying the first and you are ok. Don't pay the first and the first will foreclose on you.
I have bought a non-performing 2nd. Shortly after realizing that the homeowner was not going to bring me current, I contacted the 1st, brought them current and started to foreclose on the 2nd. After foreclosure, I cleaned up the house and sold to a retail buyer. The 1st got their payments, payoff. I made some $$$.
Hi Rick! i just saw your reply! thank you for your input. Some of this info, i was told vastly different. Do you mind if i message you privately please?
Post: any gap funders here deal with an investor not paying them back
- Posts 6
- Votes 1
Originally posted by @Scott Wolf:
@Alexandra V Moreno, my friend Henry Graham deals with this a lot downstate in NYC. He's an attorney. You can reach out to him and see if he can assist. His email is: hgraham at cpc-law.com
thank you so much! I appreciate the recommendation
Post: Investor not paying gap funder back
- Posts 6
- Votes 1
Originally posted by @Rick Pozos:
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.
My biggest concern is that I'm in 2nd position and I was told the first one would be paid off and depending on how much would be left, would go towards me.
Post: any gap funders here deal with an investor not paying them back
- Posts 6
- Votes 1
Originally posted by @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.
Can I ask what you meant in regards to it being New York specifically?
I wish I had gotten more of this kind of information beforehand.
Post: Investor not paying gap funder back
- Posts 6
- Votes 1
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
Post: any gap funders here deal with an investor not paying them back
- Posts 6
- Votes 1
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