Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 7 months ago on . Most recent reply

User Stats

300
Posts
48
Votes
Raj G.
  • Investor
  • Jersey City, NJ
48
Votes |
300
Posts

Private lending to LLC with First lien on default

Raj G.
  • Investor
  • Jersey City, NJ
Posted

I did a private lending , borrower bought house under the name of LLC, first lien recorded. value of house is at least to cover the loan(as of now). I have personal guarantee, Mortgage note, promissory note.

Now borrower(investor) neither paying monthly interest, nor responding to any phone call etc.

What should be my immediate action. or series of steps.

Definitely I will reach out to attorney. but in the mean time, I though asking here, if anyone has any advice.

Thanks

Most Popular Reply

User Stats

43,037
Posts
63,530
Votes
Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
63,530
Votes |
43,037
Posts
Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied

what state ?

if they Ghost you  U have no choice but to follow the foreclosure rules in the state the property is in.. and dont hesitate never gets better. I only work with folks if they communicate.

@chrisSeveney should have some good advice as well.

if this is NJ one thing I do know your in for a long slog and fairly costly

business profile image
JLH Capital Partners

Loading replies...