November 5, 2025 • 20 mins
In this episode of the Paper Trail Podcast, host Chris shares insightful stories from his years of experience in note investing. He reflects on his journey since rebranding from the Good Deeds Note Investing Podcast and delves into two detailed case studies involving complex loan situations.
Chris discusses the importance of patience, direct involvement, and the value of understanding both consumer and investor laws. He also emphasizes the necessity of proactive management and communication with borrowers to protect investment interests. As always, listeners are encouraged to interact and learn more about investment opportunities with 7E Investments.
00:00 Introduction and Podcast Rebranding
00:29 Early Podcast Days and Lessons Learned
01:51 The Slow Pace of Note Investing
02:21 Case Study 1: Investor Loans and Extensions
09:24 Case Study 2: Builder Loans and Foreclosure
12:39 Dealing with Difficult Borrowers
18:08 Conclusion and Final Thoughts
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:42):
Welcome back everybody toanother episode of the Paper Trail
podcast.
I am your host, Chris Sevanyand today we are going to share some
note stories.
As always, ever since Irebranded the podcast to the Paper
Trail, I wanted to get backinto providing investors case studies,
(01:05):
feedback, information, kind ofroll up the sleeves and get back
to the basics.
Back when, man, years ago, Istarted the Good Deeds Note Investing
podcast.
For those going way back intime and just made me think about
how that podcast started andfor those that don't know first few
(01:26):
notes that I got involved in,myself and Gail Greenberg, who was
another note investor.
I was working a W2 job and whyI would leave the office every day.
There's always people you calland stuff.
And I started calling Gail andwe both just started sharing our
war stories and we came to theconclusion of these stories were
(01:47):
good entertainment, goodeducation, and we're like, we gotta
record this somehow.
So we started recording thepodcast in webinars and I remember
our audio was awful, our videowas awful.
Gail had her dogs barking inthe background, which I know drove
some people nuts as well.
But if you go back and listento our original podcast, I was awful
(02:08):
at it.
Gail probably admit that shecould have improved as well, but
she did much better than me.
And here I am today, got mymorning coffee with me.
But still things can beimproved upon and I just go back
in time and share that becauseseven plus years a lot has changed,
(02:29):
a lot can happen, but that'sstill a really short period of time.
So for people also justgetting started in the space, realize
it takes time.
The note business is slow inregards to working things out and
takes time and patience.
(02:49):
What we're seeing today wheretrying to use time to your advantage
as well as also still being patient.
And I want to share at leasttwo situations, see how much time
this takes.
Of some loans we bought and webought a pool of 20 or 30 loans and
(03:18):
some of those were investorloans where there was one borrower
who had multiple propertiesand the borrower was like a month
behind.
The loans were maturing andwhen we got the loans boarded, we
were relying on the servicer.
But we've started to see alittle bit more of us needing to
(03:41):
get involved and especially onsome of these loans that are investor
related versus owner occupiedbecause on the owner occupied loans
you really want to be carefulspeaking with borrowers because most
people don't know what you canand can't say.
For example, if the borroweris the call it the wife and she's
(04:01):
the Only one on the loan.
And you pick up the phone andcall and person's like, yeah, I'm
her husband.
Just tell me and I'll relaythe message.
Well, you can't, you know, youcan't talk to them about the loan
information or anythingbecause they're not the borrower.
Unless you have specificwritten permission or verbal permission
at that time, you can't talkto them.
A lot of people don't know that.
But on the investor side, it'sdifferent where, yes, you can have
(04:24):
those conversations andtypically don't have to deal with
a lot of consumer lawprotections that are out there.
Still need to follow the laws,of course.
So with this borrower, theborrower wanted an extension because
they wanted to sell the properties.
And we gave the borrower anextension for a nominal fee and also
(04:47):
told them that they needed tokeep the loan current.
The borrower had, we'll callit, five properties.
Three of them were rented, twoof them were vacant, and they're
trying to sell them.
We worked out an extensionwith the borrower contingent upon
them still paying and kind ofhinting that, hey, look, you got
to lower the price on these.
You've had them listed foreight months and you drop them 500.
(05:09):
That's really not moving the needle.
And you're at a point nowwhere the interest, if it goes in
default, will accrue and chewup any equity that you have in those.
And unfortunately, a lot ofreal estate investors have egos that
they think, oh, I get myselfout of this and I'm still going to
(05:32):
make money withoutunderstanding the downside risk.
And this instance downsiderisk is that equity get chewed up
fast.
Then all of a sudden they're underwater.
Would they have to potentiallybe cutting me a check now?
Is it worth it From a monetarystandpoint, but also from a mental
(05:52):
standpoint, trying to dealwith all of the issues that this
person had because they hadother things going on.
So we end up actually gettingin contact with the borrower, and
also we're trying to see if wecould potentially refinance them
and into a different type ofloan program to lower their payments.
Unfortunately, the borrowerjust didn't qualify.
(06:13):
And the borrower was able toget a few of the properties under
agreement, but the remainder,we had sent a demand letter to the
borrower.
And one thing we seeconsistently is borrowers will procrastinate
to the last second and thenthey blow up your phone.
(06:36):
So in this instance, we arecommunicative ahead of time with
the borrower and we're justtelling them, hey, look, the moment
the demand expires, we'regoing to give you two options.
You either give us a deed inlieu on the properties and we will
just walk away.
You don't owe us anything,your debt's resolved.
Or if you want to continueselling them, that's a business decision
(06:58):
by you.
But just realize andunderstand that if you do that and
there is a deficiency, meaningthat you don't sell them for as much
or we have to foreclose,you're still responsible for those
costs.
Because in our business, timeis money.
You want, you control theasset by having the loan.
(07:19):
But in this instance now youwant to just fully control the asset
and take over this asset.
And these are actually decentproperties, 2500 square foot properties
in an area, major metropolitanarea that were 4 to $500,000 homes.
So you know, these weren'thomes that were in areas that don't
(07:41):
see appreciation or are very challenging.
This was a nice middle class area.
So, you know, the borrowernotes that they agree to this.
And then we draft all thepaperwork, we send them the paperwork,
they come back with a fewcomments which we adjust.
(08:03):
And the day before thedeadline they're like, oh, I think
I have these sold for cash.
Can you send me the payoffs?
And I'm like, sure, here arethe payoffs.
But again, we just want toreiterate, if this paperwork's not
signed tomorrow, the deal isoff, we're foreclosing and you're
going to be potentially stuckwith the bill because several months
(08:24):
have passed and the payoffsnow are probably pretty close.
Well, definitely in aforeclosure sale, I mean there's
still equity in the propertiesby about 10% which would get eaten
up in now if he sold themanyways, Realtor fees and closing
fees or at a foreclosure sale.
(08:45):
Finally gave him the ultimatumand stayed on top, stayed on him.
And this is the differencebetween getting a little bit more
involved and the servicer.
Because the servicer.
And note this isn't to knock a servicer.
Servicer reps are managingprobably 300 loans.
(09:06):
So you send them something, itmight take them a few days.
They're not at your beck and call.
You're not their only client.
And when you're trying to getthings done in an expedited manner,
sometimes you got to step in.
And in this instance, becauseyou know it's some valuable property
that we're chasing, it's overa million dollars worth of property,
we want to step in now if thiswas $100,000 property, yeah, we would
(09:30):
probably let the servicer takecare of it.
So what are we focus on someof those bigger assets.
But the point I'm trying tomake is there comes certain times
where if you need to be alittle bit more forceful, you may
need to step in and give that ultimatum.
And in this instance we did.
(09:50):
And I believe this would haveprobably won the dawn for another
few months if we didn't myselfand Larisa take that initiative.
So that's story one, storytwo, very similar, but these were
non performing loans, verysimilar situation, handful of properties.
(10:13):
And this one was a builder inan area where we also have contractors
and a builder who has theseproperties 90% complete.
And when I say 90% complete,the house pretty much done.
It needs landscaping, drivewayand final touch paint up and touch
(10:34):
up and punchless work in thehouse cabinets and literally it's
like driveway landscaping.
And so you're probably 10 to15,000 per property.
But when you multiply that byfour borrowers in default, borrower's
got about 30 other propertiesthat they're trying to figure out
what to do with.
(10:54):
Borrower asked for anextension again.
First time we gave it to them,but then the borrower again didn't
make the payments.
So we start the foreclosureprocess and the borrower goes dark
for a few months.
And we also had our attorneytry and reaching out and our servicer
to no avail.
(11:16):
So I pick up the phone, callthe borrower, introduce myself and
basically, hey, look, we gotto come to some resolution and let's
get on a call and let's figureout what we need to do.
And at first the borrowerdoesn't think like, oh, you're not
willing to work with me, youwon't give me an extension, you won't
do this, do that, and we'relike, no, we'll work with you, but
(11:39):
at our terms.
And again, it comes down to abusiness decision by you in regards
to what you want to do.
If you have the money to gofinish these properties and sell
them, then that's great, weget our money.
You make some money on thesedeals because there is some money
in them and then we all walk away.
(12:04):
But my inkling is based off ofthe lack of production over the last
several months is you're alittle strapped for cash, you can't
finish the projects, andinterest is accruing on multiple
projects that you have, notonly ours, because we went online
and saw you got some otherproperties that are in legal issues.
(12:26):
And what we're willing to dois just hand us over these properties,
you walk away free and clear.
Or if you don't and you tryand finish and don't and you come
underwater, you know, you gotother assets in other locations,
they've got some multifamilyproperties that have equity, it could
impact those.
(12:47):
So what is it that you want to do?
And within a span of threedays of conversations, we are able
to get a resolution which theattorneys and the servicer were over
a month involved.
So there are these instanceswhere you sometimes will need to
(13:09):
step in.
Now there's also occasionswhere you attempt to step in and
it just doesn't work.
And I'll share another examplewhere have a borrower who's.
We're in the foreclosureprocess as well and the borrower
(13:31):
reached out to us and not onlydid reach out to us, they first reach
out to our asset manager whogave them a response that they did
not like.
And then this individual wentto our website and picked every name
off our website and emailedevery single person on our website
(13:52):
basically asking, trying tothink of a nice way to say telling
us that we need to work with them.
They're very direct and verydemanding, which is interesting for
somebody who hasn't paid theirmortgage in a year and a half while
they have a renter in theproperty that they were living in
and then moved out of the sowhen we got that email, we didn't
(14:16):
respond the way the borrowerthought we would.
We responded thank you foryour email.
The individual you originallycontacted is your point of contact
on this.
The other people you havereached out to are not involved at
all in regards to.
(14:37):
To the details of this loan.
And you must go back to thatoriginal point of contact which they
did.
And we could not get anywherewith them because the borrower is
using ChatGPT for everything.
(14:59):
And it's very easy to tellbecause different font sizes, the
bold, the EM dashes and whatthey're trying to tell us makes zero
sense at all.
And they are of the someopinion and not sure how they're
(15:21):
figuring this out that likethe essentially like proceeds from
like the sale.
They believe even though whenif the property sold at foreclosure
our bid would be we want to.
(15:43):
We think the property will getsold at our.
Let me step back, use somerough numbers.
$700,000 property they owe usbasically 650.
Our bid at auction is probablygoing to be somewhere in fives.
Okay, so we'll Definitely,we'll get paid, we'll make money.
(16:04):
When you look at, okay, if itbid full, take it back and then pay
all the fees and holding costs.
Like, okay, what's the number differences?
For some reason, basicallythey believe that if somebody else
bids above us.
So let's say somebody bid 600,we bid 550, even our payoff 650.
(16:24):
They're of the opinion that$50,000 above our bid goes to them,
doesn't come to us isessentially what they're trying to
tell us.
And we tried to explain it tothem, but they're just not getting
it because they're using ChatGPT.
So we did push this over backto our attorney and let our attorney
kind of handle it and dealwith them in the sense of hoping
(16:49):
that they get an attorney.
Unfortunately, they didn't getan attorney.
So they're using ChatGPT nowwith our attorney.
And we're also now trying topull back a little bit and limit
communication because again,we're not.
It doesn't make sense for usto pay our attorney to talk to somebody,
which is like talking to awall, because they're of this CHAT
(17:11):
GPT opinion on they know allthe laws of the land.
So this one actually is stillin progress and process and similar
situation of in this instance.
Now, we're still trying towork something out with the borrower,
(17:33):
but we also do have aforeclosure date coming up in the
near future.
And by using that foreclosuredate as, you know, some leverage
in regards to workingsomething out, something I strongly
recommend if.
Long story short, as we wrapup this episode, if the borrower
(17:56):
is allowed to drag things out,they typically will because they're
living in a property orthey're collecting money or they're
not paying and they're livingfor free until they really get pushed.
What incentive do they have?
Many of them don't understandthat the interest is accruing.
(18:17):
And yes, they are, one way oranother, they're technically paying.
It's just like putting it on.
Buying something on a creditcard and not having it paid off.
Pay it till another year.
People are like, oh, I justbought this and I don't have to pay
for it till a year.
I mean, that's kind of howsome of them think, but not also
(18:37):
not understanding that, yeah,it's, you know, might be another
year before you have to pay,but it's going to be a lot more expensive
for you because of all theother fees and costs that are associated
with it.
So, long story short, as wewrap up this episode of the Paper
Trail podcast is if it's animportant decision or something that
(19:01):
is critical or time sensitive,you might want to talk to your service
or attorney to see if it mightbe worth you reaching out as well.
This isn't for every singleperson or every single situation.
I just want to mention thatwhat we have found sometimes, as
always, this is why we manageour assets, this is why we have our
(19:23):
own internal investorrelations team, is nobody takes care
of your product better thanyou and your team will.
Now, that's not to say thatyour vendors don't take care of your
products.
They do.
And many of them do anexcellent job.
But if you need somethingdone, sometimes it's best for you
(19:44):
just to pick up the ball andget it done.
So hope you enjoyed thisepisode of the Paper Trail Podcast.
As always, leave a Like onyour favorite listening station.
And if you want moreinformation about our investment
opportunities, including ourRegulation A Plus offering or our
five 506C offerings, head overto 7e Investments.com.
(20:07):
thank you all for listeningand I will catch you on the next
one.
Take care.
Welcome back everybody toanother episode of the Paper Trail
podcast.
I am your host, Chris Sevanyand today we are going to share some
note stories.
As always, ever since Irebranded the podcast to the Paper
Trail, I wanted to get backinto providing investors case studies,
(01:05):
feedback, information, kind ofroll up the sleeves and get back
to the basics.
Back when, man, years ago, Istarted the Good Deeds Note Investing
podcast.
For those going way back intime and just made me think about
how that podcast started andfor those that don't know first few
(01:26):
notes that I got involved in,myself and Gail Greenberg, who was
another note investor.
I was working a W2 job and whyI would leave the office every day.
There's always people you calland stuff.
And I started calling Gail andwe both just started sharing our
war stories and we came to theconclusion of these stories were
(01:47):
good entertainment, goodeducation, and we're like, we gotta
record this somehow.
So we started recording thepodcast in webinars and I remember
our audio was awful, our videowas awful.
Gail had her dogs barking inthe background, which I know drove
some people nuts as well.
But if you go back and listento our original podcast, I was awful
(02:08):
at it.
Gail probably admit that shecould have improved as well, but
she did much better than me.
And here I am today, got mymorning coffee with me.
But still things can beimproved upon and I just go back
in time and share that becauseseven plus years a lot has changed,
(02:29):
a lot can happen, but that'sstill a really short period of time.
So for people also justgetting started in the space, realize
it takes time.
The note business is slow inregards to working things out and
takes time and patience.
(02:49):
What we're seeing today wheretrying to use time to your advantage
as well as also still being patient.
And I want to share at leasttwo situations, see how much time
this takes.
Of some loans we bought and webought a pool of 20 or 30 loans and
(03:18):
some of those were investorloans where there was one borrower
who had multiple propertiesand the borrower was like a month
behind.
The loans were maturing andwhen we got the loans boarded, we
were relying on the servicer.
But we've started to see alittle bit more of us needing to
(03:41):
get involved and especially onsome of these loans that are investor
related versus owner occupiedbecause on the owner occupied loans
you really want to be carefulspeaking with borrowers because most
people don't know what you canand can't say.
For example, if the borroweris the call it the wife and she's
(04:01):
the Only one on the loan.
And you pick up the phone andcall and person's like, yeah, I'm
her husband.
Just tell me and I'll relaythe message.
Well, you can't, you know, youcan't talk to them about the loan
information or anythingbecause they're not the borrower.
Unless you have specificwritten permission or verbal permission
at that time, you can't talkto them.
A lot of people don't know that.
But on the investor side, it'sdifferent where, yes, you can have
(04:24):
those conversations andtypically don't have to deal with
a lot of consumer lawprotections that are out there.
Still need to follow the laws,of course.
So with this borrower, theborrower wanted an extension because
they wanted to sell the properties.
And we gave the borrower anextension for a nominal fee and also
(04:47):
told them that they needed tokeep the loan current.
The borrower had, we'll callit, five properties.
Three of them were rented, twoof them were vacant, and they're
trying to sell them.
We worked out an extensionwith the borrower contingent upon
them still paying and kind ofhinting that, hey, look, you got
to lower the price on these.
You've had them listed foreight months and you drop them 500.
(05:09):
That's really not moving the needle.
And you're at a point nowwhere the interest, if it goes in
default, will accrue and chewup any equity that you have in those.
And unfortunately, a lot ofreal estate investors have egos that
they think, oh, I get myselfout of this and I'm still going to
(05:32):
make money withoutunderstanding the downside risk.
And this instance downsiderisk is that equity get chewed up
fast.
Then all of a sudden they're underwater.
Would they have to potentiallybe cutting me a check now?
Is it worth it From a monetarystandpoint, but also from a mental
(05:52):
standpoint, trying to dealwith all of the issues that this
person had because they hadother things going on.
So we end up actually gettingin contact with the borrower, and
also we're trying to see if wecould potentially refinance them
and into a different type ofloan program to lower their payments.
Unfortunately, the borrowerjust didn't qualify.
(06:13):
And the borrower was able toget a few of the properties under
agreement, but the remainder,we had sent a demand letter to the
borrower.
And one thing we seeconsistently is borrowers will procrastinate
to the last second and thenthey blow up your phone.
(06:36):
So in this instance, we arecommunicative ahead of time with
the borrower and we're justtelling them, hey, look, the moment
the demand expires, we'regoing to give you two options.
You either give us a deed inlieu on the properties and we will
just walk away.
You don't owe us anything,your debt's resolved.
Or if you want to continueselling them, that's a business decision
(06:58):
by you.
But just realize andunderstand that if you do that and
there is a deficiency, meaningthat you don't sell them for as much
or we have to foreclose,you're still responsible for those
costs.
Because in our business, timeis money.
You want, you control theasset by having the loan.
(07:19):
But in this instance now youwant to just fully control the asset
and take over this asset.
And these are actually decentproperties, 2500 square foot properties
in an area, major metropolitanarea that were 4 to $500,000 homes.
So you know, these weren'thomes that were in areas that don't
(07:41):
see appreciation or are very challenging.
This was a nice middle class area.
So, you know, the borrowernotes that they agree to this.
And then we draft all thepaperwork, we send them the paperwork,
they come back with a fewcomments which we adjust.
(08:03):
And the day before thedeadline they're like, oh, I think
I have these sold for cash.
Can you send me the payoffs?
And I'm like, sure, here arethe payoffs.
But again, we just want toreiterate, if this paperwork's not
signed tomorrow, the deal isoff, we're foreclosing and you're
going to be potentially stuckwith the bill because several months
(08:24):
have passed and the payoffsnow are probably pretty close.
Well, definitely in aforeclosure sale, I mean there's
still equity in the propertiesby about 10% which would get eaten
up in now if he sold themanyways, Realtor fees and closing
fees or at a foreclosure sale.
(08:45):
Finally gave him the ultimatumand stayed on top, stayed on him.
And this is the differencebetween getting a little bit more
involved and the servicer.
Because the servicer.
And note this isn't to knock a servicer.
Servicer reps are managingprobably 300 loans.
(09:06):
So you send them something, itmight take them a few days.
They're not at your beck and call.
You're not their only client.
And when you're trying to getthings done in an expedited manner,
sometimes you got to step in.
And in this instance, becauseyou know it's some valuable property
that we're chasing, it's overa million dollars worth of property,
we want to step in now if thiswas $100,000 property, yeah, we would
(09:30):
probably let the servicer takecare of it.
So what are we focus on someof those bigger assets.
But the point I'm trying tomake is there comes certain times
where if you need to be alittle bit more forceful, you may
need to step in and give that ultimatum.
And in this instance we did.
(09:50):
And I believe this would haveprobably won the dawn for another
few months if we didn't myselfand Larisa take that initiative.
So that's story one, storytwo, very similar, but these were
non performing loans, verysimilar situation, handful of properties.
(10:13):
And this one was a builder inan area where we also have contractors
and a builder who has theseproperties 90% complete.
And when I say 90% complete,the house pretty much done.
It needs landscaping, drivewayand final touch paint up and touch
(10:34):
up and punchless work in thehouse cabinets and literally it's
like driveway landscaping.
And so you're probably 10 to15,000 per property.
But when you multiply that byfour borrowers in default, borrower's
got about 30 other propertiesthat they're trying to figure out
what to do with.
(10:54):
Borrower asked for anextension again.
First time we gave it to them,but then the borrower again didn't
make the payments.
So we start the foreclosureprocess and the borrower goes dark
for a few months.
And we also had our attorneytry and reaching out and our servicer
to no avail.
(11:16):
So I pick up the phone, callthe borrower, introduce myself and
basically, hey, look, we gotto come to some resolution and let's
get on a call and let's figureout what we need to do.
And at first the borrowerdoesn't think like, oh, you're not
willing to work with me, youwon't give me an extension, you won't
do this, do that, and we'relike, no, we'll work with you, but
(11:39):
at our terms.
And again, it comes down to abusiness decision by you in regards
to what you want to do.
If you have the money to gofinish these properties and sell
them, then that's great, weget our money.
You make some money on thesedeals because there is some money
in them and then we all walk away.
(12:04):
But my inkling is based off ofthe lack of production over the last
several months is you're alittle strapped for cash, you can't
finish the projects, andinterest is accruing on multiple
projects that you have, notonly ours, because we went online
and saw you got some otherproperties that are in legal issues.
(12:26):
And what we're willing to dois just hand us over these properties,
you walk away free and clear.
Or if you don't and you tryand finish and don't and you come
underwater, you know, you gotother assets in other locations,
they've got some multifamilyproperties that have equity, it could
impact those.
(12:47):
So what is it that you want to do?
And within a span of threedays of conversations, we are able
to get a resolution which theattorneys and the servicer were over
a month involved.
So there are these instanceswhere you sometimes will need to
(13:09):
step in.
Now there's also occasionswhere you attempt to step in and
it just doesn't work.
And I'll share another examplewhere have a borrower who's.
We're in the foreclosureprocess as well and the borrower
(13:31):
reached out to us and not onlydid reach out to us, they first reach
out to our asset manager whogave them a response that they did
not like.
And then this individual wentto our website and picked every name
off our website and emailedevery single person on our website
(13:52):
basically asking, trying tothink of a nice way to say telling
us that we need to work with them.
They're very direct and verydemanding, which is interesting for
somebody who hasn't paid theirmortgage in a year and a half while
they have a renter in theproperty that they were living in
and then moved out of the sowhen we got that email, we didn't
(14:16):
respond the way the borrowerthought we would.
We responded thank you foryour email.
The individual you originallycontacted is your point of contact
on this.
The other people you havereached out to are not involved at
all in regards to.
(14:37):
To the details of this loan.
And you must go back to thatoriginal point of contact which they
did.
And we could not get anywherewith them because the borrower is
using ChatGPT for everything.
(14:59):
And it's very easy to tellbecause different font sizes, the
bold, the EM dashes and whatthey're trying to tell us makes zero
sense at all.
And they are of the someopinion and not sure how they're
(15:21):
figuring this out that likethe essentially like proceeds from
like the sale.
They believe even though whenif the property sold at foreclosure
our bid would be we want to.
(15:43):
We think the property will getsold at our.
Let me step back, use somerough numbers.
$700,000 property they owe usbasically 650.
Our bid at auction is probablygoing to be somewhere in fives.
Okay, so we'll Definitely,we'll get paid, we'll make money.
(16:04):
When you look at, okay, if itbid full, take it back and then pay
all the fees and holding costs.
Like, okay, what's the number differences?
For some reason, basicallythey believe that if somebody else
bids above us.
So let's say somebody bid 600,we bid 550, even our payoff 650.
(16:24):
They're of the opinion that$50,000 above our bid goes to them,
doesn't come to us isessentially what they're trying to
tell us.
And we tried to explain it tothem, but they're just not getting
it because they're using ChatGPT.
So we did push this over backto our attorney and let our attorney
kind of handle it and dealwith them in the sense of hoping
(16:49):
that they get an attorney.
Unfortunately, they didn't getan attorney.
So they're using ChatGPT nowwith our attorney.
And we're also now trying topull back a little bit and limit
communication because again,we're not.
It doesn't make sense for usto pay our attorney to talk to somebody,
which is like talking to awall, because they're of this CHAT
(17:11):
GPT opinion on they know allthe laws of the land.
So this one actually is stillin progress and process and similar
situation of in this instance.
Now, we're still trying towork something out with the borrower,
(17:33):
but we also do have aforeclosure date coming up in the
near future.
And by using that foreclosuredate as, you know, some leverage
in regards to workingsomething out, something I strongly
recommend if.
Long story short, as we wrapup this episode, if the borrower
(17:56):
is allowed to drag things out,they typically will because they're
living in a property orthey're collecting money or they're
not paying and they're livingfor free until they really get pushed.
What incentive do they have?
Many of them don't understandthat the interest is accruing.
(18:17):
And yes, they are, one way oranother, they're technically paying.
It's just like putting it on.
Buying something on a creditcard and not having it paid off.
Pay it till another year.
People are like, oh, I justbought this and I don't have to pay
for it till a year.
I mean, that's kind of howsome of them think, but not also
(18:37):
not understanding that, yeah,it's, you know, might be another
year before you have to pay,but it's going to be a lot more expensive
for you because of all theother fees and costs that are associated
with it.
So, long story short, as wewrap up this episode of the Paper
Trail podcast is if it's animportant decision or something that
(19:01):
is critical or time sensitive,you might want to talk to your service
or attorney to see if it mightbe worth you reaching out as well.
This isn't for every singleperson or every single situation.
I just want to mention thatwhat we have found sometimes, as
always, this is why we manageour assets, this is why we have our
(19:23):
own internal investorrelations team, is nobody takes care
of your product better thanyou and your team will.
Now, that's not to say thatyour vendors don't take care of your
products.
They do.
And many of them do anexcellent job.
But if you need somethingdone, sometimes it's best for you
(19:44):
just to pick up the ball andget it done.
So hope you enjoyed thisepisode of the Paper Trail Podcast.
As always, leave a Like onyour favorite listening station.
And if you want moreinformation about our investment
opportunities, including ourRegulation A Plus offering or our
five 506C offerings, head overto 7e Investments.com.
(20:07):
thank you all for listeningand I will catch you on the next
one.
Take care.
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