Hard money lender missed closing date - now what?

[Danielle Perry]

hi

have a great deal - will be my dream property in that I plan to rent out until I retire in 5 yrs and the HML missed the close - not even sent a package to the closing attorney by the date. Jumped through all of their hoops and paid expedited fees to process and now they are MIA. what recourse do I have with my EM with them or in general since the Seller walked.

[Jeff S.]

Now we know the lender. Too bad you didn’t know sooner, @Danielle Perry, that this company has had some lengthy and horrendous discussions on this board. You might have been forewarned:

Has anyone used Xpressloans911 as a hard money lender?

Hard Money Lender Xpress Loans 911

It appears from what you wrote that they called the money you gave them an EMD, presumably to suggest it was refundable. Note, on the other posts it was called a commitment fee. Either way, this money is gone.

The owners of this company are Jill and Robert Berg. Robert Berg was a member here and I assume subsequently booted because you can’t look his name up or his responses anymore. Good riddance.

I won’t add insult to injury and stand on my soapbox now, but it’s much safe to find your lenders locally at real estate clubs than online. There are just way too many very slick online scammers out there, as I'm sorry you found out.