How can a Hard Money Collector get his money on 650k that is outstanding against properties?
Saturday, 4. September 2010
a Real Estate Broker that my friend works for lent people money against the equity of their homes at 5% per month, now many of those people are losing their homes, how can he collect after the foreclosure, ist even legal what he was doing given that he was a real estate broker?
He’s trying to sell the loans off, will he have any luck and what can he expect?
OPM Says:
It sounds like he violated a variety of laws if he is in the US. If that is the case, it is likely if he tries to collect he could be imprisoned.
Derik T Says:
He is not in a good situation. It doesn’t even sound like a good investment. People can just get their money and say bye bye to him. He’s in trouble.