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Updated over 8 years ago,

Rose Davis's profile image
Rose Davis's profile image
Rose Davis
  • from Davenport, Iowa
  • Member since Jan 25, 2016
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78
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6
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Rose Davis's profile image
Rose Davis's profile image
Rose Davis
  • from Davenport, Iowa
  • Member since Jan 25, 2016
Connect
Rose Davis
  • Davenport, IA
6
Votes |
78
Posts
Starting Out

Hard money loan??

Rose Davis
  • Davenport, IA
Posted
If one were to get a hard money loan for a flip and say the term is 5 months and the house doesnt sell, what happens if the borrower cannot pay the loan back? Does it go on credit? Will the lender take the property? Will the lender garnish wages?? What are the other cons other than high interest rate if you cant pay back?
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