Hard money fail- how to get out

[Kimberly Walker]

So, my first investment property went sour. Being new, I think I dove in head first without thinking of all the possible issues I could be confronting.

I financed a single family property with a hard money loan. Things were ok for a while but I ran into financial trouble with my husbands business so we ended defaulting on the loan and were 2 months late. We corrected the problem and now we are current on the loan.

Problem is, the company we were set to refinance with is not going to move forward because of the previously defaulted payments. The company we did the hard money financing is singing the same tune. Even though we are now current, it doesn’t seem to matter.

Does anyone have experience with this? Is our only option to just take the loss and go to foreclosure?