Has anyone lost money on PeerStreet crowdfunding website?

[Heidi Often]

HI:  Has anyone experimented with PeerStreet crowdfunding and lost money on their platform?  Thanks, Heidi

[Justin Byard]

I started investing in peerstreet back in 2017. I used "auto investing" to pick 10 notes at $2000 each. Half of the notes defaulted. It takes 6-12 months to get your money back from a default. My money has been tied up with one note for almost 2 years. (see below) Although I haven't "lost money" I could have earned more in a savings account.  I do not recommend.

January 23, 2020

On 01/07/20, the Order of Reference was received. PeerStreet to file the Affidavit of Amounts due for the referee's package in February 2020.

December 16, 2019

PeerStreet is waiting for the Order of Reference so a referee can be appointed and then can proceed with final judgment.

November 12, 2019

On 11/01/19, PeerStreet submitted an Ex Parte application and is now waiting for the Court to enter an Order or Reference so a referee can be appointed in order to proceed with final judgment.

October 11, 2019

In September 2019, PeerStreet called and asked the Court to expedite its ruling on its Motion for Default Judgment and the Appointment of a Referee. PeerStreet continues to wait for the Court's ruling.

September 10, 2019

PeerStreet continues to wait for the Court's Order of Default Judgment and the Appointment of a Referee. PeerStreet will continue to follow up with the Court every month.

August 07, 2019

PeerStreet is negotiating repurchase terms with the originating lender. The repurchase is expected to close in September 2019.

July 09, 2019

The foreclosure process continues. PeerStreet continues to try to get the loan paid off.

June 04, 2019

Foreclosure counsel is waiting on the court to enter the judgment so the referee can be appointed to calculate amounts due and owing.

May 07, 2019

PeerStreet continues to push to have a judge assigned and the case heard. We have been told the foreclosure courts are backed up 6-9 months. PeerStreet continues to request for an expedited hearing.

April 04, 2019

PeerStreet continues to attempt to expedite the court order.

March 08, 2019

The County Clerks are backlogged and have yet to set a judge for the case. PeerStreet is requesting to expedite the process.

February 14, 2019

PeerStreet is waiting for the court to appoint a judge. Once a judge has been appointed the Motion for Judgement will be filed.

December 03, 2018

The time to answer has expired and foreclosure counsel has filed the motion for summary judgement. The foreclosure judge will be assigned, which generally takes 4-6 weeks.

November 01, 2018

The complaint has been filed and service to the borrower has been completed. Once the period for the borrower to respond expires, counsel can move for judgment.

October 01, 2018

The complaint of foreclosure is drafting and will be filed in order to move the legal proceedings forward.

September 04, 2018

The Notice of Intent to foreclose expires in September and the borrower has continued to be nonresponsive.

August 01, 2018

The borrower has been non-responsive and the foreclosure process is moving forward.

July 02, 2018

The originating lender said that the borrower is looking for a six-month extension. The request is currently being reviewed.

June 05, 2018

The borrower has been non-responsive and a demand letter has been sent to start the foreclosure process.

May 04, 2018

The originator is contacting the borrower regarding the late payment.

March 01, 2018

The borrower has agreed to a 3-month extension.

February 12, 2018

The borrower has listed the collateral for sale. The list price is $779,000. The borrower will be requesting additional time to continue marketing the property for sale.

August 21, 2017

The borrower made their July 1 payment. The lender is continuing to work with the borrower to make their August 1 payment.

July 06, 2017

The lender is working with the borrower to cure the loan.