I have some commercial property that may go into foreclosure, If it does, will I be liable for the balance of the loan. I bought through my business , but I am the grantee on the loan. I have had it on the market for over a year, no bites. And I have paid every payment, never late, for 3 years. Now I am out of work, and soon will not be able to pay the payments.
Asked on 8/05/09, 12:31 pm
2 Answers from Attorneys
Charles W. Field
Charles W. Field, Attorney at Law
You may want to condider "loan modification" and/or forbearance with your lender. I am working on serveral of these now.
Answered on 8/10/09, 2:34 pm
Scott Riddle
Law Office of Scott B. Riddle, LLC
Your loan documents will tell you who is liable. That is not something anyone on here can tell you.
Answered on 8/10/09, 4:52 pm
