Hard Money loan default

[Ziad Agarwal]

I have heard stories about hard money lenders taking a house that's in default. I am assuming that is not in a judicial foreclosure state that has to be auctioned off and gives the homeowner time to sell it. Although it isn't considered a residential property, they still have to go through a sheriff sale process in Pennsylvania, for example, which takes several months. Has anyone heard of something else happening?