Can a bank force payment on business loans, and give one week notice with threat of judgement/ sheriff sale? I think maturity

date has passed; however, they've never sent warning other than occasional late letter w/ fee. Last Fri. got fed ex letter from atty. stating pymt in full 2 be made by this friday. Do we have any recourse in meantime? They hold mortgage & HELOC. We worked with them 6 months ago, 2 refinance the 4 loans into one; however, they failed 2 consider taxes which were'nt amotorized. Thus, we'd pay the same amt. once/ month rather than 4 pymts & extend the maturity date by 4 years. Simply buying us time 2 pay off rather than decrease monthly payment by $500 which was the original verbal/ draft agreement w/ manager. We declined & countered; requested 20 yr. term & shot down for ? reasons. Mortg.Bal = $55K matures 2014 HELOC = 65K Business = $14K & 3K $135K in equity

Langhorne, PA -

Attorney Answers (2)

Stephen M Trezza

Stephen M Trezza

Bankruptcy Attorney - Tucson, AZ
Answered

They have to follow procedure which includes serving you with a lawsuit, obtaining a judgement, obtain a writ etc. All that takes time.

Mitchell Paul Goldstein

Mitchell Paul Goldstein

Bankruptcy Attorney - Glen Allen, VA
Answered

If you did not authorize the lender to release information on you account and the lender did it anyway, You may have a claim, but you would have to prove damages.

Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice.... more

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