Hard Money Loan Past Due (any red flags?!!!)

[Bryan Price]

Hi All,

I signed a promissory note secured by a single family home that a real estate investor intended to flip. The real estate investor has advertised on this site, and continues to advertise joint ventures and private money deals in multiple states. I did a background check and was able to look up his many properties across all states so I really don't have concerns he doesn't have any assets.  We've been communicating quarterly on the property status, but a simple search on Zillow made me think he's lying to me. The property was actually sold back in April, but he's still giving me updates as if the property hasn't been sold. I understand I lose my collateral upon sale of the property.  

I signed a one-year note, starting at 18% interest and accelerating to 20% in the second year in the event of non-payment, which technically the note is now in default. We're now well into year two, and will be running into year three in January and I'm wondering at what point do I need to take action? My contact has been non-communicative and I'm wondering if he's experiencing cash flow issues and just trying to bide his time, or if there's a deeper issue and he's on the verge of bankruptcy.

Any advice you can provide for this situation would be GREATLY appreciated.