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lawsonplate · Feb 15, 2009, 09:53 PM

In 1988 we took a commercial loan for $250,000.00 the current balance is less than $25,000.00.
Last year I missed 2 payments--these have been paid and the loan is now current and has been for the last 6 months.
The bank wants to close for default.

Can we do anything?

Donna/john

excon · Feb 16, 2009, 04:43 AM

Hello Donna/john:

Yes, there is. You're NOT in default, so you must defend yourself, or they'll take YOUR building.

You say they WANT to foreclose... Have they DONE anything instead of just letting you know what they want?

I'd see a lawyer TODAY!!

excon

ScottGem · Feb 16, 2009, 07:05 AM

Read your loan contract. Even making a payment late can result in a default and for the bank to call the loan.

I suspect they think the property is highly valued or maybe you have a low interest rate. However, since the balance is about $25K, see if you can refinance with another lender

excon · Feb 16, 2009, 07:18 AM

Hello again:

I agree with Scott. However, if they accepted your late payments, then they can't foreclose based on them being late - at least in my view.

They can't have it both ways.

I agree further with Scott in that, they are trying to STEAL your property.

Plus, they've DONE something, like hired an attorney, or filed for foreclosure or filed a lawsuit... The bank just DIDN'T call you up and say they want your property.

Therefore, I suggest that your equity of what may be well over a MILLION $$$$'s, is in JEOPARDY.

You need to see a lawyer TODAY!!

excon