Hard money Lending question!

[Michelle Szeklinski]

Hi! Question about hard money lending (considering having an exit strategy is #1)...

Say the deal goes south for whatever reason and our exit strategy, or strategies, fail (worst case scenario) - does the HML take the house in a foreclosure scenario or what happens exactly?

Thanks! 

[Tom Gimer]

If you default it's either foreclosure or deed in lieu, depending on the numbers and condition of the property.