Legal Question in Banking Law in Alabama

bank claim of breach of contract

Our LLC owns a building that the bank called the note on one and half years ago however we were given 2 extensions to try and sell property. We have always made the payments however only 2 were late 2 years ago and that is why they called the note. We have made every payment on time since they called the note. In the economy we are in it is impossible to sell the property, nor can we refinance as the building is empty due to our business closing 4 years ago. My question is: What are our options at this point? They want us to pay off the whole note at $260,000. We are unable, however we can always make the payments as we have. In a situation like this, is it common for the judge to issue a reduced payment or make the bank extend our schedule or require them to maintain our original terms? What would be the best direction to take? Should we answer the plea? Is it better not to answer the plea? We do not reside in the same state as where the pleas were generated nor where the property is. Thank you.

1 Answer from Attorneys

Related Questions & Answers

More Banking Law questions and answers in Alabama

Looking for something else?