I’m going to write my story as I go through this unfortunate situation. I had lended $ 85,000 secured by a three family property in CT. I am in first position. Just two month before the note was due the lender passed away. Now what?
He was the sole member of this LLC that was created with the specific purpose of securing the loan. The loan was a business loan with personal warranty.
As usual, I turned to the BP community to get some guidance, but it seems like luckily this situation is very, very rare and I could not find anything in PB. After asking the question on the forums, I got some suggestions including to get a lawyer and a fellow investor wrote to me telling me that he had a situation when his lender died, but his lender was an individual. He said his case went to probate and he got paid 3 years later....No very encouraging!
Well… Next, I had to find a lawyer that would take my case. That proved to be the most challenging step of the process so far!
Once again, I turned to BP. I asked for referrals, but received very few leads. I also did a Google search and got some names and started to call lawyers. Most of them did not call me back. Two spoke to me, asked me to send them the documents and never called me back. From the BP referrals, I had a lengthy conversation with a lawyer that a fellow BP member referred me to. He asked me to send him the documents and texted me in the few days later one morning that he would speak to me that day at 11 am. He never called. I called him back and email him back and he just ghosted me! Looking for a lawyer that wanted to work in my case resembled so much dating! The waiting for a phone call, text or email after having a nice conversation and thinking that things would work out. The disappointment of no hearing from a person and no knowing what happened, etc. Just like dating!!!
After 2 lengthy months of frustration and disappointment looking for a lawyer, thanks to a referral from a BP member: I have found a lawyer!!
We talked and set our expectations and rules of engagement. He gave me an idea of how much and how long the process could last. He said that the whole thing could cost something between $ 3,500- 7,000 and take anything for a year to three years. He is going to keep me informed of the different steps he will take and I will share my journey with the BP community!
We signed the retainer agreement and paid the retainer fee. The Notice and Default and Collection letter were sent to all the known addresses of my late borrower, hoping someone steps up and pays the loan, interests and taxes as the property taxes and water bill are overdue too.
Words of encouragement would be greatly appreciated as I embark in this journey!
Thank you in advance and I will report here in new developments as they happen.
