I took a hard money loan on investment property and I wasn’t able to keep up with the payments. The lender went to court and had a receiver appointed to the property. I had bought the property at half of the value and now that the city and area is improving the property is worth nearly three times as much. I have listed the property with real estate agents in an effort to sell it but ever since the lender had a receiver appointed six months ago they have accelerated the interest rate, which is draining the equity of the property, and the receiver is telling all prospected buyer to wait to buy at forecloser: but the forecloser date has not been set. In the mean time the accelerated interest rate is kill my equity and all my efforts to breaking even is going to waste. Need to know how to force the lender to give a forecloser date?
How do I force a lender to foreclose?
02
Apr