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We have a question. We are building a house with a loan from…

Hello, we have a...

Hello, we have a question. We are building a house with a loan from a hard money lender in NOVA. Our loan is due on April 1 2018. We're about to finish our work and put a house on the market. The lender is asking a ridiculous interest per month for loan extension. My partner is saying we don't extend the loan and keep moving to seel the house. So we will sell the house before they foreclose and pay them anyway. Is that a good idea than extending the loan? thanks!!!

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Still we haven't extend our loan it's due on april 1.

Lawyer's Assistant: Where is the house located?

We think we can sell the house in about 2-3 months.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I'd like to see the process of foreclosure with a hard money lender. if we need to extend the loan, we will. But their interest is way too high and we are about to put this house on the market

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Answered in 1 minute by:
3/26/2018
P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 37,716
Experience: 12+ yrs. of experience including real estate law.
Verified

Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

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Customer reply replied 4 months ago
Hello, we have a question. We are building a house with a loan from a hard money lender in NOVA. Our loan is due on April 1 2018. We're about to finish our work and put a house on the market. The lender is asking a ridiculous interest per month for loan extension. My partner is saying wedon't extend the loan and keep moving to seel the house. So we will sell the house before they foreclose and pay them anyway. Is that a good idea than extending the loan?

I agree, IF you can sell the home PRIOR to foreclosure, and you pay off the loan? Then you have no worries.
And even if the home forecloses, any money left after the home forecloses, you are entitled to.

That said, typically homes sell for a significant discount at foreclosure...and you have to pay the costs associated with the sale.

I bet if you "ran the numbers" you would find it a much better deal to simply pay the interest for a few months as opposed to paying the costs associated with foreclosure

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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Customer reply replied 4 months ago
How fast the hard money lender can forclose the house in VA?

Did you provide a power of sale clause in the mortgage / deed of trust?

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Customer reply replied 4 months ago
I think so

If you have this language in the contract? Then it does NOT take long. Once you are delinquent the lender can begin the NON JUDICIAL foreclosure (the significance of this clause it that it allows the lender to bypass the courts...this saves a LOT of time). They could accomplish this in a month or so...

The lender must provide Fourteen or more days before the foreclosure sale, notice to the homeowner....and they have to advertise for a couple of weeks in the local paper. But if they are geared up? They can foreclose in a month.

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 37,716
Experience: 12+ yrs. of experience including real estate law.
Verified
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Thank you for taking the time to accept the answer, I truly appreciate that
phil

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