Legal Question in Banking Law in Iowa
We own a small business and the year has been bad do to weather and a job that we were sub-contractors on went bad so we are having problem making our loan payment and they said that if we didn't come up with the whole amount they would take everything but we have been told that as long as we pay the interest they shouldn't be able to do anything and that they have to refinance us. Is this true?
Asked on 10/15/09, 12:36 pm
1 Answer from Attorneys
Robert Luedeman
solo practitioner
It depends on what the terms and conditions of the loan agreement were. What you've been told is wrong.
Answered on 10/16/09, 9:26 am
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