What will happen if the borrower stops making payments?
When payments are 41 days past due, with the investor’s permission, the loan goes from Rock Solid Financial’s servicing unit to Rock Solid Financial’s default management unit and foreclosure proceedings begin. It is not anyone’s wish for someone to lose a home or a commercial property through foreclosure. At RSF, we will assist the borrower to get back on track, while at the same time protecting our investors. Typically, the borrower refinances or sells the property (paying off the investor loan) or brings all past due payments current before the property sells at a foreclosure auction. The borrower pays all default management fees, no cost to the investor.
