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Updated about 4 years ago on . Most recent reply

Bob Randolph's profile image
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Bob Randolph
  • from Richmond, Texas
  • Member since Aug 9, 2017
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Bob Randolph's profile image
Bob Randolph's profile image
Bob Randolph
  • from Richmond, Texas
  • Member since Aug 9, 2017
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Bob Randolph
  • Richmond, TX
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Mortgage Brokers & Lenders

Flipper stopped making payment

Bob Randolph
  • Richmond, TX
Posted

Loan term was up. flipper says he's going to wholesale it short and that I should be happy to get something. Thoughts... Foreclose?

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Joe Splitrock
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  • from Sioux Falls, SD
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Joe Splitrock
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Joe Splitrock
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  • Sioux Falls, SD
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Joe Splitrock
  • Rental Property Investor
  • Sioux Falls, SD
ModeratorReplied
Originally posted by @Bob Randolph:

Loan term was up. flipper says he's going to wholesale it short and that I should be happy to get something. Thoughts... Foreclose?

 Do you have a lien on the title? If you don't, record one quickly. You are the lender, so you determine what happens next. Don't let some hack failed flipper tell you that you should be happy to take a loss. If there is a short sale, they owe you the difference. They can sell their car to pay you back.

  • Joe Splitrock
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