Alabama | Bankruptcy
Legal Question
Business Property Foreclosure
Regarding Foreclosure of business real estate; the bank in question decided to ''call'' our total loan due on the property because of two late payments. We have had a track record for 3 years with excellent history. We have made good on those late payments and yet they have called the note of which we are unable to procure another loan to make payment considering the market we are in. Question: once the property enters foreclosure by the bank and they put the property up for auction or sale, are we the debtors responsible for repayment of the debt after the bank solicits a sale and receives the exact amount or more from the sale? The property is a vacant warehouse and is owned by our LLC. What would be the best course of action to take legally to protect our credit and to protect our personal assets (home real estate, checking, savings, etc)?
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Read More Answered By: Melinda Dionne |
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