Intro Private Mortgages
AryMing Asset Funding LLC would exercise their Deed in Lieu of foreclosure to take back the property, to return the lender their Investment.
You could sell the property. Of course, you will need to foreclose on the property, but because the borrowers are all investors and non owner occupants, they rarely fight to hold on to the property; they would rather cut their losses and walk away. The foreclosure process is typically easy with investor borrowers. Once you own the property you could sell it if you no longer want to be a landlord or just desire profit rather than cash flow. Because the equity positions are at minimum 35%, you will likely be able to sell the property for a large profit and make more than you would have if the investor would of been current on their note. Foreclosure isn’t the evil, time consuming, costly legal process that most people think it is. It’s as simple as sending your note to an attorney and saying ‘do it’. All you have to do then is sit back and wait. Nine times out of ten, before foreclosure is complete, someone will be calling your attorney’s office with a payoff letter, and your loan will get paid off. When this happens, you will collect all accrued interest, your principal balance, and all attorneys’ fees, court costs, and all other expenses you have incurred in connection with your loan.