What happens if the borrower doesn pay?
A complete explanation of the rights and responsibilities of the investor and Olympic Coast Investment, Inc. as servicer is included in our servicing agreement, which we will forward to seriously interested parties. To summarize, if a borrower doesn’t pay it is the investor’s decision as to when to begin foreclosure. There is a specific legal process a lender has to go through in order to foreclose and take a property back. From the time a Notice of Default is filed, to the time an investor would actually own the property, can range from 4 or 5 months to 18 months or more. Much depends on what legal course of action a borrower takes.
